Even as it continues to grow, Facebook is facing less pressure to reveal its finances.
The Securities and Exchange Commission in October granted the social-networking site an exemption to part of the SEC Act of 1934, which requires companies to disclose financial information once they have more than 500 stockholders and $10 million in assets.
As BusinessWeek reported, lawyers for Facebook sent the SEC a letter on October 13, asking for an exemption for its distribution of restricted stock. The letter noted that the company could in the future have more than 500 employees with restricted stock. The company currently … Read more