Tags: China | Facebook | own

China Wants to Own Big Chunk of Facebook

Wednesday, 06 Jul 2011 08:17 AM

Like catching up with old friends on Facebook? Beijing may soon "like" it that you do.

China wants to buy "a huge chunk" of the Facebook social networking site, and is working discreetly with Citibank on plans to snap up company stock, Business Insider reports.

Facebook has not yet gone public, but financial institutions are quietly trading stocks set aside for employees and some select investors, and Chinese sovereign wealth funds want in on the action.

Beijing may have as much as $1.2 billion set aside to invest in the popular company, a source at a fund that buys Facebook shares from former employees tells Business Insider.

Citibank or the Chinese wouldn't confirm.

Worried Chinese authorities may monitor your pictures or postings?


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Don't be.

"There's little need for such concern," Business Insider reports.

"For one, even a billion dollar stake isn't a very big stake in Facebook, these days. The company is expected to IPO at a $100 billion valuation. For another, China would be buying non-voting stock and would have no say in Facebook's operations. And finally, it's not like shareholders in Facebook have some special privilege that allows them to see what users are doing or saying."

Facebook executives have said going public is not a question of if, but when.

"It's a process that all companies go through. It's an inevitable process for us, the next thing that happens," Chief Operating Officer Sheryl Sandberg has said, according to Reuters.

"People used to ask us if we were going to get sold. People have stopped asking that question — we're not ... No one is buying us, we're going public.

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Like catching up with old friends on Facebook? Beijing may soon like it that you do. China wants to buy a huge chunk of the Facebook social networking site, and is working discreetly with Citibank on plans to snap up company stock, Business Insider reports. Facebook...
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2011-17-06
Wednesday, 06 Jul 2011 08:17 AM
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