Facebook is delaying its IPO until late 2012, the FT reports. The reason?
Facebook CEO Mark Zuckerberg wants to keep employees hungry.
“Mark Zuckerberg, Facebook’s chief executive, wants to wait until next September or later in order to keep employees focused on product developments rather than a pay-out.”
“Some employees are getting keen to cash out in an IPO, according to a person close to the company. Mr Zuckerberg hopes to keep such personnel on staff through next summer in order to complete certain product rollouts, this person said.”
Because it has more than 500 shareholders, the SEC will force Facebook to disclose its financials in April 2012.
Technically that will make Facebook a “public” company, but it will not be compelled to list on any stock exchange.
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