By Marcus Leach

Social networking site Facebook has begun the process of becoming a publicly listed company.

Early reports suggest that the site will be valued at anywhere between $75 billion (£48 billion) and $100 billion.

Both the Financial Times and the Wall Street Journal claim that Facebook will file papers with the US financial watchdog on Wednesday.

According to the reports the flotation later this year would raise about $10 billion, one of the biggest share sales to be seen on Wall Street.

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