Facebook’s first investor Peter Thiel told Fox Business today that Facebook will not IPO until 2012. Earlier this summer, Bloomberg reported that Facebook was holding off on its IPO for another two years and Thiel seems to confirm this line of thinking.
Thiel says that Facebook wants to follow the example of Google, and doesn’t want to IPO until late in the process (which he claims is a byproduct of Sarbanes Oxley and other regulation).
In 2003, Thiel made a $500,000 angel investment in Facebook for 10.2 percent of the company. Thiel also said today at TechCrunch Disrupt that Facebook’s $30 billion valuation is still undervalued. That’s something FriendFeed co-founder Paul Buchheit agrees with as well.
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Facebook is the world’s largest social network, with over 1 billion monthly active users. Facebook was founded by Mark Zuckerberg in February 2004, initially as an exclusive network for Harvard students. It was a huge hit: in 2 weeks, half of the schools in the Boston area began demanding a Facebook network. Zuckerberg immediately recruited his friends Dustin Moskovitz, Chris Hughes, and Eduardo Saverin to help build Facebook, and within four months, Facebook added 30 more college networks. The original...