Zuckerberg: Facebook IPO "when it makes sense"

Facebook will sell stock in a IPO when the time is right, CEO Mark Zuckerberg said in an ABC TV interview, addressing persistent speculation about its stock market debut.



Zuckerberg - who with friends dreamed up the world's largest social network in a Harvard dorm room - told ABC he was "quite sure" he had signed no contract handing over ownership rights to the company, disputing a claim to an 84-per cent interest.



Last month, Paul Ceglia of Wellsville, New York, sued Zuckerberg and Facebook, claiming a 2003 contract with Zuckerberg to develop and design a website now entitled him to a majority stake in the privately held company.



"If we said that we were unsure, I think that was likely taken out of context," Zuckerberg told ABC's Diane Sawyer. "Because I think we were quite sure that we did not sign a contract that says that they have any right to ownership over Facebook."



A slice of Facebook - which recently signed up its 500 millionth member - is a keenly sought-after piece of real estate. Investors are keen to get in on a company backed by the likes of Elevation Partners, Digital Sky and Microsoft and estimated to be worth billions of dollars.



Asked about when the company might go public, he told ABC News' Diane Sawyer: "When it makes sense, right. I mean, what we're most focused on is just building these tools that help people stay connected with the people that they care about.



"And at some point along the path, I think it'll make sense to have an IPO. But we're not running the company to do that."



Combining a large audience of Web surfers with innovative online advertising has become a recipe for super-charged revenue growth in the Internet business.



Facebook ranks among the Web's most popular sites, alongside Google, Yahoo Inc and Microsoft. The privately held company is also one of the most closely-watched web operators by investors to jump onboard a blockbuster initial public offering.



Sources have told Reuters it raked in as much as $800 million (£524 million) of revenue in 2009 and made tens of millions of dollars in profit in 2009.

Life and Style
ebookNow available in paperback
ebooks
ebookA delicious collection of 50 meaty main courses
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Gadgets & Tech

    Recruitment Genius: Support and Development Engineer

    £20000 per annum: Recruitment Genius: The leading provider of Employee Managem...

    Recruitment Genius: Creative Designer

    £15000 - £25000 per annum: Recruitment Genius: This Kent based design consulta...

    Recruitment Genius: IT Gazetteer Consultant

    £25000 - £34000 per annum: Recruitment Genius: Are you looking to work for an ...

    Recruitment Genius: Regional Support Manager

    Negotiable: Recruitment Genius: This role's responsibility also include operat...

    Day In a Page

    The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

    Gaping hole at the heart of the European Union

    Treatment of Greece has shown up a lack of genuine legitimacy
    Number of young homeless in Britain 'more than three times the official figures'

    'Everything changed when I went to the hostel'

    Number of young homeless people in Britain is 'more than three times the official figures'
    Compton Cricket Club

    Compton Cricket Club

    Portraits of LA cricketers from notorious suburb to be displayed in London
    London now the global money-laundering centre for the drug trade, says crime expert

    Wlecome to London, drug money-laundering centre for the world

    'Mexico is its heart and London is its head'
    The Buddhist temple minutes from Centre Court that helps a winner keep on winning

    The Buddhist temple minutes from Centre Court

    It helps a winner keep on winning
    Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

    Is this the future of flying?

    Battery-powered planes made of plastic, and without flight decks
    Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

    Isis are barbarians

    but the Caliphate is an ancient Muslim ideal
    The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

    Curse of Brink's Mat strikes again

    Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
    Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

    'The ministers talk to us about miracles'

    Why Greeks are cynical ahead of the bailout referendum
    Call of the wild: How science is learning to decode the way animals communicate

    Call of the wild

    How science is learning to decode the way animals communicate
    Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

    'The economic collapse has happened. What is at risk now is democracy...'

    If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
    The science of swearing: What lies behind the use of four-letter words?

    The science of swearing

    What lies behind the use of four-letter words?
    The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

    The Real Stories of Migrant Britain

    Clive fled from Zimbabwe - now it won’t have him back
    Africa on the menu: Three foodie friends want to popularise dishes from the continent

    Africa on the menu

    Three foodie friends want to popularise dishes from the hot new continent
    Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

    Who will fill Donna Karan's boots?

    The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'