Facebook Investor Promises “No Near Term IPO”
Believe it or not, the stock market’s not looking too terrible these days; the Nasdaq’s risen almost 12.5 percent in the last six months, and just shy of 50.0 percent in the last year. Still, it seems that Facebook absolutely will not go public in 2010.
Accel Partners and DST are two of Facebook’s biggest financial backers, and at the Digital, Life, Design Conference in Munich, one man from each organization spoke about the social network’s prospects. They’re both taking a very relaxed (yet careful) approach.
Jim Breyer, a managing partner at Accel, said according to Rafat Ali, "I am happy to announce that there will be no near term IPO on Facebook; this means 2010. For them, it is all about getting the product and team right."
Yuri Milner, CEO and Founding Partner of DST, then added, "We have permanent capital, we don’t have to return money to investors, so we have unlimited patience. We want to have the vision follow-through. It is up to the board and management to make the call."
This puts Facebook at least somewhat in line with Twitter, which has also ruled out a 2010 IPO. Now we’ll just have to start keeping an ear out for its plan regarding next year.