New Report Values Facebook at $6.5 Billion; Site's 'Timeline' Feature Finally Rolls Out

It's no secret that providing a place for people to vent about their lives, post photos and reconnect with long-lost friends has made Mark Zuckerberg a very wealthy man. 

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But, a new report reveals just how much his brainchild, Facebook, is actually worth. In 2011 the social networking company more than doubled its profit, bringing its assets to $6.5 billion, according to Gawker. 

The company also reportedly has $3.5 billion in cash or cash equivalent, no debt and an operating cashflow of $1 billion. 

On Thursday, Facebook rolled out its Timeline feature, which chronicles users' site history visually, much like a digital scrapbook. 

The site's 800 million users will have the option of immediately switching to the new look, or wait a week to delete embarrassing photos or posts before the rollout becomes final. 

In Sept. at the company's F8 conference, Zuckerberg said he also hopes to add a new feature to the website that would allow music services to integrate with users, posting their musical choices and purchases to their profiles. 

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The Facebook co-founder and CEO, owns 24 percent of the company, which Gawker reports has an operating income of $1.2 billion and a net income of $714 million. 

This financial news comes on the heels of reports that Facebook is targeting April to June 2012 for an initial public offering, which the company hopes will bring its worth to more than $100 billion. 

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The Silicon Valley operation could raise as much as $10 billion in the IPO, making it one of the largest offerings of all time.