Twitter CEO: No interest in selling the company

Twitter isn't interested in selling out, the company has no plans to go public, nor does it feel any pressure from its investors to get ready for an IPO.

That was the word from Twitter CEO Dick Costolo, whose recent interview with CNBC was aired this morning.

"Nothing external to the company has had any bearing on how I think about when to take Twitter public or not to," Costolo told CNBC, adding that he's not interested in selling the company. "We have every hope and belief that we will be a successful -- independent … Read more

Facebook faces deluge of lawsuits over troubled IPO

Facebook is in some legal hot water.

Facebook and its underwriters have been hit with approximately 50 lawsuits over its troubled initial public offering, the Wall Street journal is reporting, citing lawyers working on the cases. To make matters worse, the Journal's sources say that the brokers and financial firms that pushed investors to buy Facebook shares could face arbitration claims from those same buyers.

According to the Journal, it had a chance to look through some of the lawsuits, and many of them take aim at Facebook and its chief underwriter, Morgan Stanley, for failing to adequately warn … Read more

Facebook's stock falls as Zuckerberg effect wears off

Looks like the Facebook pessimism has returned.

Shares of Facebook, which have been on a tear since CEO Mark Zuckerberg sought to calm Wall Street during an in an interview at TechCrunch Disrupt less than two weeks ago, are getting slammed today. The stock fell more than 10 percent at one point and triggered the SEC's short-sale restriction, which is designed to keep short-sellers from battering the stock even further. Shares closed down more than 9 percent at $20.75.

Why the sudden change of heart? The broader market is taking a hit, which of course doesn't help. … Read more

Friend mining: Facebook preps for social search future

No other company in the world holds as much personal data as Facebook, which puts it in an ideal position to cull data from your friends and friends-of-friends, and even those you don't know, to bring you answers to your deepest questions. Such as, "What sushi restaurants have my friends gone to in New York in the last six months and Liked?"

Ok, maybe that's not your deepest questions, but it's the example that Facebook CEO Mark Zuckerberg used during an interview at the TechCrunch Disrupt SF conference earlier this month when he was talking … Read more

SEC probes possibly fraudulent Facebook pre-IPO sales

The U.S. Securities and Exchange Commission is probing possibly fraudulent sales of Facebook stock in advance of the company's initial public offering, CNET has learned.

SEC investigators have issued subpoenas demanding the financial records of Paul Tabet, a manager at a venture capital fund called Ventures Trust II LLC, and his wife.

The commission is investigating whether Tabet and fellow fund manager Craig Berkman -- once a leading financier in Portland who fled to Florida to escape creditors -- raised more than $3 million to purchase Facebook shares, and if so, where the money went.

"Staff has … Read more

Facebook shares up after Zuck's comments on post-IPO woes

Wall Street is reacting positively this morning to comments made by Facebook CEO Mark Zuckerberg yesterday as he tried to rally investors upset over the stock's recent nosedive.

As of morning trading, the stock has risen almost 6 percent, hovering at around $20.50. That's little more than a $1 dollar gain from yesterday. But it's still a hopeful and welcome change from the recent performance, which saw the stock drop below $18 a share last month from its initial IPO price of $38. The shares also were already up more than 3 percent yesterday in after-hours … Read more

An energized Mark Zuckerberg seeks to calm Wall Street

SAN FRANCISCO -- An energetic Mark Zuckerberg addressed a rapt crowd at the TechCrunch Disrupt conference here. The 28-year-old CEO wore his traditional gray T-shirt and sat on the edge of his chair as TechCrunch co-founder and angel investor Michael Arrington fired questions at him, starting with the botched IPO. Zuckerberg powered his way through the conversation, talking fast and confidently about the opportunities that lie ahead for Facebook and its investors.

While the hall was packed with techies and Zuckerberg had the hometown advantage, he clearly knew that he was talking to Wall Street -- and, by default, all … Read more

Zuckerberg: 'Employees want to make a bunch of money'

SAN FRANCISCO--Facebook CEO Mark Zuckerberg said that in order to take his company where he wants it to go, he knows that he needs to help prospective -- and current -- employees "make a bunch of money."

Facebook's mission has been to build a great service and to put that mission in front of profit margins, Zuckerberg told a packed audience at TechCrunch Disrupt today (see CNET's live blog). The idea, he said, is that building a great service and a great company go hand in hand. And getting great employees to help with that mission … Read more

Facebook: 'No plans' to enter China anytime soon

A Facebook executive has said at a social media conference in Hong Kong that there are no plans for the social network to hit the Chinese market.

Facebook's North Asia director, Jayne Leung, told conference attendees that the social network would not launch in the region any time soon, according to Meld Magazine editor Karen Poh on Twitter.

That statement comes nearly a year after chief executive Mark Zuckerberg expressed similar sentiments. Of course, at that time Zuckerberg also said that Facebook was in no hurry to make a bid for the stock exchange.

Less than six months later, … Read more

Zuckerberg says he won't sell any Facebook shares for 12 months

In an SEC filing late today, Facebook said that founder and CEO Mark Zuckerberg "has no intention to conduct any sale transactions... for at least 12 months."

This comes as Facebook's stock today fell once again, closing down 1.8 percent to a record low of $17.73. That's more than 54 percent off its mid-May IPO price of $38.

Just after the IPO, Zuckerberg sold about $1.1 billion worth of stock, a move the company said was to cover his tax bills. Zuckerberg still holds 504 million Class B shares (those are the ones … Read more