No Facebook IPO until 2012 'at the earliest': board member

September 27, 2010
Peter Thiel, a member of the board of directors of Facebook, said Monday he does not expect the booming social network to go public for at least two years.

Peter Thiel, a member of the board of directors of Facebook, said Monday he does not expect the booming social network to go public for at least two years.

" will not IPO for a while," Thiel said in an interview with Fox News television when asked about a possible .

"I think we will follow the example of which is you do not go public until very, very late in the process."

"We will stay private as long as possible," he said, estimating that an initial public offering of stock would come in "2012 at the earliest."

Thiel also criticized the upcoming Hollywood movie "The Social Network," which includes an unflattering profile of Facebook founder , saying it was full of "many inaccuracies" and "petty lies."

He said the only thing positive about the movie is that it "does tell young Americans that they still can create great companies in this country."

Zuckerberg, whose net worth was estimated at 6.9 billion dollars by Forbes magazine last week, said in March that he was in no hurry to launch an IPO for Facebook.

"We're going to go public eventually, because that's the contract that we have with our investors and our employees," Zuckerberg told The Wall Street Journal. "We are definitely in no rush."

Facebook, founded by the now 26-year-old Zuckerberg in his Harvard University dorm room in 2004, has more than 500 million users.

Explore further: Offer puts value of at least $6.5B on Facebook

Related Stories

Facebook claims 250 million users

July 16, 2009

Facebook founder Mark Zuckerberg announced the number of people using the online social networking service has climbed to 250 million.

Facebook says it passed key financial milestone

September 15, 2009

(AP) -- Facebook Inc. said Tuesday it achieved an important financial milestone, bringing in more money than it spent in the last quarter. The social networking site previously had said it didn't expect to achieve that goal ...

Facebook tops 350 million users, tightens privacy

December 2, 2009

Facebook is enhancing privacy controls and eliminating its regional framework for online communities as the Internet's most popular social networking service tops 350 million users.

Recommended for you

Drone market to hit $10 billion by 2024: experts

October 3, 2015

The market for military drones is expected to almost double by 2024 to beyond $10 billion (8.9 billion euros), according to a report published Friday by specialist defence publication IHS Jane's Intelligence Review.

Radio frequency 'harvesting' tech unveiled in UK

September 30, 2015

An energy harvesting technology that its developers say will be able to turn ambient radio frequency waves into usable electricity to charge low power devices was unveiled in London on Wednesday.

Professors say US has fallen behind on offshore wind power

September 29, 2015

University of Delaware faculty from the College of Earth, Ocean, and Environment (CEOE), the College of Engineering and the Alfred Lerner School of Business and Economics say that the U.S. has fallen behind in offshore wind ...


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.