Facebook value exceeds $33bn on pre-IPO rush

FACEBOOK, the privately held social networking website, could be worth as much as $33.7bn (£21.8bn), based on secondary market transactions, pushing it past rivals Yahoo and Ebay.

According to reports in the Financial Times, a scramble for common stock in the company, which is trading as high as $76 per share, has given the group this valuation.

The take up of stock is ahead of an expected initial public offering possibly next year, which could be the largest flotation of a technology group to date.

Facebook yesterday denied that it had plans to become public and said that any attempts to forecast revenue or value the company should be treated as speculation. Speaking to City A.M., it said:
“Facebook is a private company, and we do not publicly disclose financial results. We understand there is interest and curiosity in our financial performance.”