Facebook Founder Won't Rush IPO: Report
PALO ALTO, Calif. (
) --
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)
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.
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