Facebook revises stock structure
The popular social networking site stated Tuesday it has ‘no plans to go public’
Palo Alto, California (WiredPRNews.com) – Facebook recently announced changes to its stock structure, but affirmed the company had “no plans to go public.” As reported by AFP, the company released a statement Tuesday stated it had introduced a structure which would convert current shareholder stock into a class with greater voting power.
Facebook is quoted by AFP as stating of the changes, “This revision to the stock structure should not be construed as a signal the company is planning to go public… Facebook has no plans to go public at this time.” The company further stated the changes were implemented “because existing shareholders wanted to maintain control over voting on certain issues to help ensure the company can continue to focus on the long-term to build a great business.”
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