Facebook Edges Closer to Going Public
It revamps stock but says it has no IPO plans 'at this time'
By Nick McMaster,  Newser Staff
Posted Nov 24, 2009 3:54 PM CST
Mark Zuckerberg participates in a plenary session at the Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland, Friday, Jan. 30, 2009.   (AP Photo/KEYSTONE/Peter Klaunzer)

(Newser) – Facebook revamped its stock structure today in a move sure to heat up speculation that it's going public. The company will have two classes of shares, A and B, reports the Wall Street Journal. Everyone currently on board will hold B shares, with 10 times the voting power of A shares. That way if Facebook goes public, current shareholders—especially CEO Mark Zuckerberg—will have more say than any newcomers.

The company says it made the move 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." But it warned that "this revision to the stock structure should not be construed as a signal the company is planning to go public. Facebook has no plans to go public at this time."
 

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