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30 Jul, 2010 - Facebook puts off IPO until
2012 to gain growth
Facebook will put off its initial public
offering until 2012 in order for founder Mark Zuckerberg to gain
more users and boost sales.
Facebook would benefit from another year of growth absent the added
scrutiny that comes with a public listing. Waiting another year
lets Zuckerberg hone the skills needed to steer a company that
issues quarterly results while facing criticism on such matters as
user privacy.
The social networking site, valued at $24.9 billion, would use the
time to propel its user base beyond the 500 million mark and double
sales to more than $1.4 billion.
Facebook's timetable may disappoint technology investors who
speculated an IPO would encourage other startups to wade into the
public markets. This year, 40 companies put off or have withdrawn
IPOs in the US, according to Bloomberg data.
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