No Facebook IPO Until At Least 2012 - Peter Thiel
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Clarium Capital Management founder and Facebook board member Peter Thiel told FOX Business Network on Monday that the social-networking cite will not go public for at least two years.
"Facebook will not IPO for awhile," Thiel said. "I think we will follow the example of Google (NASDAQ: GOOG), which is you do not go public until very late in the process. The correct answer is for companies to stay private for as long as possible."
Facebook currently has more than 500 million users worldwide and has taken the lead in the social-networking business with its Website.
Thiel also cautioned moviegoers planning to see the upcoming film "The Social Network," by saying that the film takes many liberties and is filled with inaccuracies.
The future initial public offering for CEO Mark Zuckerberg's Facebook is highly anticipated among investors. Shares of the company on SecondMarket were valued at $65 on Friday, putting a valuation of $28.6 billion on the company.
"Facebook will not IPO for awhile," Thiel said. "I think we will follow the example of Google (NASDAQ: GOOG), which is you do not go public until very late in the process. The correct answer is for companies to stay private for as long as possible."
Facebook currently has more than 500 million users worldwide and has taken the lead in the social-networking business with its Website.
Thiel also cautioned moviegoers planning to see the upcoming film "The Social Network," by saying that the film takes many liberties and is filled with inaccuracies.
The future initial public offering for CEO Mark Zuckerberg's Facebook is highly anticipated among investors. Shares of the company on SecondMarket were valued at $65 on Friday, putting a valuation of $28.6 billion on the company.
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