Facebook investor and director Peter Thiel has said that the social networking platform has no plans of going public - at least not until 2012.
In an interview with Fox Business, Thiel, who invested around $500,000 in Facebook for a share of 10.2 per cent back in 2003, confirmed that the highly awaited Facebook IPO will not come before 2012.
He said during the interview that “[Facebook] will not IPO for awhile. I think we will follow the example of Google which is you do not go public until very, very late in the process. At least two years. I think the company is on record saying it will not go public until 2012 at the earliest.”
During Tech Crunch Disrupt, Thiel said that the social networking giant's current $30 billion valuation was still undervalued.
He also praised Facebook CEO and Founder Mark Zuckerberg for being a product visionary, describing his achievement as similar to Steve Jobs's own at Apple.