Unlike other companies worried about the economic climate, confident Facebook isn't rushing into its IPO not because it fears the teetering market, but rather because its hoping to spur internal product innovation rather than encourage buyouts, reports the Financial Times. "Facebook is preparing to launch its blockbuster initial public offering in the US towards the end of next year, a later public debut by the social networking site than had been widely anticipated, say people familiar with the company." Other Internet companies, like Groupon and Zynga, have pushed back their IPOs, but amid fears that the valuations won't fare well in this turbulent time. Facebook claims it has nothing to do with that. "People close to the company have told the Financial Times that Mark Zuckerberg, Facebook’s chief executive, wants to wait until next September or later in order to keep employees focused on product developments rather than a pay-out," continues the Financial Times. Facebook's not worried. The company doesn't really need the money anyway and who wants to answer to shareholders anyway? But we guess when you're the largest social media monster on the planet, you have that luxury.
This article is from the archive of our partner The Wire.