Facebook Freezes Secondary Market Trading, Fueling IPO Rumors
January 25, 2012 at 3:39 PM (PT)
FACEBOOK INC. has frozen the trading of its shares on secondary markets for the next three days, the L.A. TIMES reports. Companies have made such a move in the past to prepare for an IPO.
Buy and sell orders can still be made, but FACEBOOK will not approve or reject any transaction made TODAY through FRIDAY. Officials at FACEBOOK were unavailable for comment, as speculation has grown as to just when MARK ZUCKERBERG's creation would sell stock on public markets for the first time.
FACEBOOK's IPO has been estimated by many WALL STREET analysts and pundits to be worth as much as $10 billion, which would place the social networking giant's market value at more than $100 billion.