“Facebook is a private company so we don’t typically share details on stock-related matters,” the Palo Alto, California-based company said in a statement.<\/p>\n
But the firm said it introduced a dual-class stock structure “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.” Facebook said creating the new stock structure did not mean it was preparing an initial public offering.<\/p>\n
“This revision to the stock structure should not be construed as a signal the company is planning to go public,” the statement said.<\/p>\n
“Facebook has no plans to go public at this time.” The Wall Street Journal said Facebook was converting the shares of all current shareholders into Class B stock, which carries 10 times the voting power of Class A stock.<\/p>\n
The newspaper noted that Facebook chief executive and co-founder Mark Zuckerberg, the company’s largest shareholder, has said that it plans to go public eventually.<\/p>\n
A Russian Internet company offered in July to purchase 100 million dollars worth of stock from Facebook employees in a deal that valued the company at 6.5 billion dollars.<\/p>\n
US software giant Microsoft bought a 1.6 percent stake in Facebook in 2007 for 240 million dollars, valuing the social network on paper at 15 billion dollars.<\/p>\n
Facebook announced in September that it had signed up its 300 millionth member.<\/p>\n
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