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As a privately held company, Facebook can avoid some of the woes that publicly traded companies are facing during this major economic downturn. and Facebook would like to keep things that way. In a recent ruling from the Securities & Exchange Commission (SEC), Facebook has been deemed exempt from having to disclose financial results publicly, reports BusinessWeek.
According to the Securities & Exchange Act of 1934, a privately held company is to disclose financial results publicly after reaching more than 500 stockholders and $10 million in assets.