Facebook to Replace Infosys on Nasdaq-100
Facebook is slated to replace Infosys on the Nasdaq-100 Index next week.
The more than 1 billion user social network will take the slot on the index, now held by the India-based business technology company, before the start of trading on Dec. 12. The move comes nearly seven months after Facebook's $16 billion initial public offering.
The Nasdaq-100 includes the 100 largest non-financial securities trading publicly. Facebook, with its $30 billion market capitalization, was a clear candidate for the index. Infosys has a market capitalization worth just over $24 billion.
The Nasdaq previously barred companies from the list until after a two-year waiting period, but the market in April shortened that to three months.
A Bloomberg report citing unnamed sources said the truncated wait time was a negotiating point with Facebook as the company considered listing on the Nasdaq or the New York Stock Exchange.
Facebook stock prices rose nearly 1 percent to $27.73 on Wednesday afternoon.