The New York Times’ Brad Stone reports on Facebook that they are “creating a dual-class stock structure, and converting all of its current shares into Class B shares, which will have 10 votes each on matters of corporate governance. Class A shares, which would be sold in an initial public offering, would carry one vote. Facebook said it ‘has no plans to go public at this time.’”
This is clearly a CYA item on the checklist and common: “Facebook spokesman, Larry Yu, said in an e-mailed statement. “This revision to the stock structure should not be construed as a signal the company is planning to go public.”
Investments in the Facebook machine are many and even the Russians bought a boat load ($300 million) of the future of the busy network which is also unraveling patents and what not to figure out how old Mark Zuckerberg will be before he settles all the legal battles over how he got the core technology. I am betting there will be plenty to go around and that the folks who originally hired Zuckerberg to write code for their project, will see the wisdom of capitulation if they can satisfy their claims.