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Goldman Sachs Won't Offer Facebook Shares To US Clients
By
Jen Chung
Published Jan 17, 2011
Modified Jan 17, 2011
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By
Jen Chung
Published Jan 17, 2011
Modified Jan 17, 2011
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Earlier this year, Goldman Sachs invested $450 million in Facebook, helping give the social media company a $50 billion valuation. Clients reportedly went "gaga" over having an inside track to sign some money into the growing business, but now it turns out that the investment firm isn't offering its American clients any of the $1.5 billion private offering. Why? The pesky government! The Wall Street Journal reports, "Goldman said the move came after officials at the New York securities firm 'concluded the level of media attention might not be consistent with the proper completion of a U.S. private placement under U.S. law.'"
According to reports, if the number of Facebook shareholders goes over 499, "the company would be required to disclose detailed financial information, something it has managed to avoid."
Goldman Sachs also said, "We regret the consequences of this decision, but Goldman Sachs believes this is the most prudent path to take... the decision not to proceed in the US was based on the sole judgment of Goldman Sachs and was not required or requested by any other party."
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investment
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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