Tuesday, November 24, 2009
FACEBOOK GETTING READY TO FACE PUBLIC
BANZAI7 NEWS--Facebook Inc. took steps to solidify the control of founder Mark Suckerberg and other existing shareholders in the event the social-networking company goes public.
The closely held Silicon Valley firm, emulating one of Google Inc.'s well-known strategies, established a dual-class stock structure that would increase the voting power of Mr. Suckerberg, who is the company's chief executive, and other existing shareholders if they hold onto their shares during an IPO.
Other exciting features of the Facebook IPO are expected to include Open Shareholder, a plan which will automatically recommend Facebook shares to all of your online Friends, and Dividend Widget, a program that will allow shareholders to pretend Facebook generates positive revenue streams.