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Due to Facebook's astronomical ascent over the last several years, demands for the site to open its fiercely protected financial records have intensified. According to CNET, those calls may soon be heeded. Goldman Sachs, which just dropped $500 million in the Facebook coffers, has apparently been privately offering sweet Facebook stock deals to its "deep-pocketed clients."If more than 500 people opt to accept those deals, U.S. Securities and Exchange Commission regulations require Facebook to either make an official public offering or at least divulge its records. Various outlets also contend that Facebook has, in typical clandestine fashion, disclosed to potential buyers from Sachs that the 500-investor threshold will be surpassed this year. CNET reports, "Basically, [Facebook] is acknowledging that about 120 days into next year -- by April 2012 -- it'll be forced to open up the books."
The recent Mark Zuckerberg movie shoved the site, its origins and secretive practices into a glaring public spotlight, so the unfolding drama should be extremely entertaining to watch (although it might be a little agonizing for a couple folks named Winklevoss).
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Comments
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Subscribe to commentsbin kJan 7th 2011 3:28PM
So how bout we work on our government "financial transparency" first and stop being hypocrites going after companies for behaving like our corrupt government