Facebook Will Form 2 Classes of Stock in IPO

Facebook is taking a rudimentary step down the path to becoming a public company.The company said on Tuesday that it was creating a dual-class stock structure for itself, and converting all of its current shares into so-called Class B shares, which will have 10 votes each on matters of corporate governance.Class A shares, which would be sold in an initial public offering, would carry one vote. Facebook said it had “no plans to go public at this time.”
http://www.nytimes.com/2009/11/25/technology/internet/25facebook.html

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