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Facebook IPO not before 2012

Facebook will follow Google's example and not go public until late in the process.

Facebook's first investor Peter Thiel told Fox Business on Monday that the social networking site will not opt for an IPO (initial public offering) until 2012.

Thiel was speaking to the news network on the sidelines of the ongoing TechCrunch Disrupt event in San Francisco.

He said the company will follow the example of Google, and will not go public until late in the process. The search engine company went for an IPO nearly five years after it received its first round of funding.

Earlier this year, Bloomberg reported that the social network was holding off its IPO for two years.
Chief executive Mark Zuckerberg told The Wall Street Journal in March: "We're going to go public eventually, because that's the contract that we have with our investors and our employees. We are definitely in no rush."