The Lawmakers Sponsoring a Very Facebook-Friendly Bill

More

Maybe it's a coincidence that the same year Facebook's lobbying presence in Washington ballooned, legislators introduced a bill that would rewrite securities law in the social network's favor. In any case, that's what happened yesterday when Senators Pat Toomey of Pennsylvania and Tom Carper of Delaware submitted a bill that would kill the 500-shareholder rule requiring companies to disclose financial information once they acquire that many investors. The bill's two co-sponsors are Senators Mark Warner of Viriginia and Mike Johanns of Nebraska. In the past few years, the law has been endlessly cited as a reason Facebook will soon go public--a prospect its CEO Mark Zuckerberg has been openly unenthusiastic about. The new legislation could delay a Facebook IPO as it increases the shareholder limit from 500 to 2,000.

Read the full story at The Atlantic Wire.

Jump to comments
Presented by

The Atlantic Wire is your authoritative guide to the news and ideas that matter most right now.

Get Today's Top Stories in Your Inbox (preview)

The Ghost Trains of America

Can a band of locomotive experts save vintage railcars from ruin?


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Why Did I Study Physics?

Using hand-drawn cartoons to explain an academic passion

Video

What If Emoji Lived Among Us?

A whimsical ad imagines what life would be like if emoji were real.

Video

Living Alone on a Sailboat

"If you think I'm a dirtbag, then you don't understand the lifestyle."

Video

How Is Social Media Changing Journalism?

How new platforms are transforming radio, TV, print, and digital

Video

The Place Where Silent Movies Sing

How an antique, wind-powered pipe organ brings films to life

Feature

The Future of Iced Coffee

Are artisan businesses like Blue Bottle doomed to fail when they go mainstream?

Writers

Up
Down

More in Technology

Just In