NEW YORK (AP) - Facebook will be forced by law to start coughing up details of its financial performance or go public by April 2012, according to a published report.
The Wall Street Journal reported Thursday that privately held Facebook Inc. plans to cross the 500-shareholder threshold this year, citing a memo being distributed to potential investors.
That will trigger a Securities and Exchange commission rule requiring financial disclosures, even if Facebook still hasn't had a formal IPO.
The news comes just two days after a report in The New York Times that Goldman Sachs and a Russian investor have handed over $500 million for a stake in the company. The infusion gives
Facebook a value of $50 billion - twice that of Yahoo Inc.
Goldman declined to comment on the report. Facebook did not immediately respond to a request for comment.