By Kimberly Treloar |Staff Writer|
Perhaps it’s time for Zuckerberg to create an “unlike” button on Facebook so that users can show him how they really feel about him putting his greed over his users’ comfort and security.
Last Wednesday, Facebook began the process of filing paperwork that will take their company public in what is called an initial public offering (IPO).
This public offering means that the company will allow people to invest into Facebook by purchasing shares.
Shares will start at $100 a share on opening day, which has yet to be determined.
The price of a share at the announcement of the IPO was $46.
With an estimated 845 million users, Facebook is looking to make $5 billion off of buyers. According to data collected by the company Dealogic, this will make Facebook one of the largest global IPO’s following behind Google.
Although making Facebook a public organization will make the company billions, I think this could possibly be the worst move on their part when it comes to their public image.
CEO Mark Zuckerberg will set up two classes of stock in which he will still have control of 57 percent of Facebook, leaving the remaining 43 percent to be controlled by stockholders.
Currently the company sells user information to marketing companies and gets an average of $4.76 per user per year.
When the company goes public, they are looking to make $120 off each user each year.
Am I the only one seeing the writing on the wall here?
Again it will be the power elite controlling something that students have the ability to enjoy in today’s economic crisis.
Users were mad when Facebook changed the homepage and peoples’ walls last year and sought ways to put their profile back to its original format.
They were even angrier when they discovered that they could see everything their friends’ friends were saying on the right side of their homepage.
Facebook is one of the few things that remains free and allows students the luxury of keeping in contact with family, friends and having the option of playing games.
It no longer appears that using Facebook is free, but rather is costing you your privacy. Users don’t see a dime of the money Facebook makes off of their using habits.
Today’s students may not have the ability to purchase stock and make money off of their Facebook using habits, but it’s not stopping the company from making money off them.
Now students can expect post-IPO Facebook to be even more bombarded with spam, advertisements and pop-ups. This will make investors even more money hungry, and will cost us even more of our privacy.
I think it may be time for students to leave Facebook and show the company how they really feel about them going public, and being used for their information.
Once again Wall Street attacks, this time it won’t be the cries of the Occupy movement that you’ll hear.
It will be that of Facebook users all over the world as they begin to see comfort and familiarity slip away from right under their fingertips.