PALO ALTO, Calif. ( TheStreet) -- Facebook founder Mark Zuckerberg is in no hurry to take his company public even as everyone in Silicon Valley and on Wall Street awaits the initial public offering of the social-networking site.
"We're going to go public eventually, because that's the contract that we have with our investors and our employees," Zuckerberg told the Wall Street Journal in an interview. But, he added, "We are definitely in no rush."
Unlike some of his predecessors such as Apple (AAPL - Get Report) CEO Steve Jobs and Google's (GOOG - Get Report) founders, Zuckerberg doesn't need huge cash reserves to build factories, a global distribution system or even a massive marketing machine, the Journal notes.
"If you don't need that capital, then all the pressures are different, and the motivations to go public are not there in the same way," Zuckerberg said.Zuckerberg has turned down several acquisition offers, the Journal reports. These include a $1 billion offer from Yahoo! (YHOO - Get Report) in 2006 and an overture from Microsoft (MSFT - Get Report) that was worth a possible $8 billion or more, people familiar with the matter told the newspaper. Follow TheStreet.com on Twitter and become a fan on Facebook.