Facebook Stock Sale Called Off

It looks like the once much hyped Facebook stock sale has been called off. Owen Thomas of Valleywag was first to report the news following receipt of an internal email from Mark Zuckerberg in which he states that the company hasn't been able to finalize a plan for the employee stock sale. Not good news for those Facebook employees who were looking to cash out just under $1 million of shares. Eric Eldon of Venturebeat has reached out to Facebook for information and got back the following statement from their communications people: The global economy is in the midst of an incredibly difficult period, and all companies have been affected in some way. After carefully considering the current environment, we've decided to establish an open-ended timetable for an employee stock sale program. Despite the turbulence in the financial markets and resulting challenges, we believe the company is very well positioned to handle this economic downturn. We have the means to go after big opportunities that will help solidify our position as the platform that everyone uses to share while building a fundamentally strong business. The company doesn't want to say that the sale opportunity is over, simply that it has been postponed due to the economic conditions. I'll let you read Owen Thomas' article if you'd like more insight on that issue but I wouldn't imagine the communications department to say "sale is off permanently" as that wouldn't help to boost employee morale. Perhaps we'll start hearing sale rumors in a few months but I wouldn't expect those rumors anytime soon. Looks like all the companies in the Valley are being effected by the current economy in one way or another, despite the amount of funding they have in the bank.

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Facebook Stock Sale Called Off

Nick O'Neill

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Nick O'Neill