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

Sep 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: US newspaper industry revenue fell 2.6 pct in 2013

add to favorites email to friend print save as pdf

Related Stories

Facebook says it passed key financial milestone

Sep 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 ...

Facebook claims 250 million users

Jul 16, 2009

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

Facebook tops 350 million users, tightens privacy

Dec 02, 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

Venture investments jump to $9.5B in 1Q

11 hours ago

Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into an increasing number of deals, according to a report due out Friday.

Weibo IPO below expectations, raises $285.6 mn

Apr 17, 2014

Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street.

User comments : 0

More news stories

LinkedIn membership hits 300 million

The career-focused social network LinkedIn announced Friday it has 300 million members, with more than half the total outside the United States.