By Lana Clements

After months of speculation, Facebook founder Mark Zuckerberg last night announced details behind the flotation of the world's largest social network.

Facebook made a profit of $1 billion last year alone - quadruple what was made in 2009 - it was revealed, as the company applied for its Initial Public Offering (IPO).

Most of the revenue Facebook rakes in is from advertising. Estimates are expecting the company to be valued at around $100 billion through the move. The offering is thought to be the largest ever technology flotation in history.

Under the deal, Mr Zuckerberg will retain more than a quarter of the company's shares (28.4%), but in a structure that will give him majority voting control over Facebook's future.

The base pay for the 27-year-old - who was made one of the world's youngest billionaires by the website - stood at $500,000 in 2011. However, from 2013 he will take $1 a year home as a wage to set a social example.

In a letter accompanying the application, Mr Zuckerberg said: "Facebook was not originally founded to be a company...Simply put: we don't build services to make money; we make money to build better services."

He also stated his belief in the importance Facebook in transforming parts of society.

The company will be required to start revealing financial details from April and is expected to float in May. It has not yet been revealed where the company will trade, although many are expecting it to be listed on the New York Stock Exchange (NYSE).