No “radical transparency” for Facebook’s results, for another year
Facebook said it will begin reporting its financial results by April 2012, setting the stage for a likely public stock offering, according to a document sent by Goldman Sachs to potential investors.
Facebook’s chief executive, Mark Zuckerberg, has insisted that he is in no rush to take his company public. But he has had his hand forced by an arcane federal securities law that requires private companies to file financial information, typically prompting an initial public offering, if they have more than 499 shareholders.
The company said it would cross the 499-shareholder limit by the end of the year in the offering memorandum sent to Goldman clients.