Facebook's $66bn IPO delayed until late 2012

Facebook has delayed its $66.5bn IPO until late 2012 in order to keep employees focused on their jobs rather than a payout, according to reports.

The float, expected to be the world's biggest IPO, was widely thought to happen in April 2012 but Mark Zuckerberg, founder and chief executive, wants to wait until September to keep internal interests aligned to product developments, the FT reports. Several technology companies have delayed listing, with internet companies Groupon and Synga holding back their IPO plans amid market turbulence. Google also held off going public for six years. US Securities and Exchange Commission rules state once a company accrues more than 500 shareholders, it must file public financial results in the ...