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FACEBOOK MADE ITS much-anticipated initial public offering last night as it hopes to raise some $5 billion from going public.
The move followed months of speculation and in its regulatory filing with the US Securities and Exchange Committee, Facebook revealed that its annual revenue grew 154 per cent from 2009 to 2010 and 88 per cent from 2010 to 2011 as well as a number of other interesting details.
Here are 10 things we learned from the details revealed to potential investors and all other interested parties last night.
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LoyalIrish Citizen, you are a tool.
@Max Power: Thanks for your lack of contribution. I can only surmise that you are one of these highly trained people who consider giving a few coherent sentences would be too complex or the rest of us to understand. Genius.
That may very well be Citizen – but whats that got to do with Facebook?
Lets have a look at your ‘facts’
- ‘Young Irish Families do not support facebook – its a free and voluntary site. Yes there are are privacy issues and being bombarded with advertisements, but then don’t sign up for a profile – simple. Is Facebook a holder of Irish Bonds? I don’t know – do you?
- ONE of the reasons they are in Ireland is for the tax breaks. However they are also here for the quality of life and the quality of the staff they can hire. The pay less corporation tax than in, say France, but 12.5% from them is better than 20% of nothing. Also, their employees pay income tax, spend their money in Ireland, the surrounding businesses benefit from their custom, the suppliers of food, office equipment, stationery, maintenance people etc etc also do well from their offices being located here. I don’t know the figures, but it would seem to be a net gain for the country.
- Please tell us how many american billionaires/millionaires Irish politicians have created. I don’t think Facebook are too bothered about Ireland – if everyone in Ireland has a profile then it would only amount to 1% of the number of people who log on to the site EVERY DAY. Ireland is not the source of his wealth.
- Yes the IDA have a history of offering grants and incentives to companies (not just american) to locate in Ireland which, together with the corporation tax rates, have contributed to may setting up here. However these figures are dwarfed by the benefits which are direct jobs for the employees, plus jobs and income for the Irish companies servicing them – generating a net gain for the nation.
Its all very well being angry at the government and politics in general, but attacking companies that provide employment and benefits to the people is not very helpful. If every foreign company pulled out of Ireland tomorrow the country would be ruined – there are not enough indigenous industries to support even a fraction of the population. Maybe thats what you should be campaigning for – support for local businesses – rather than attacking those that are here simply because they’re american.
More targeted campaigns on specific issues would be better than this broad-brush, infantile lashing out at everything any company or the government has ever done. No point in throwing out the baby with the bathwater.
@Brian Curtin: The key to understanding a problem is how to fix it. If i am wrong then you have no worries because their is no problem. If i am right then the young will inherit my generations mistakes. What’s is the solution? If we tax the yanks they are gone. It seems you might be more entrapped than you realise.
Actually Citizen the key to fixing a problem is understanding it and – like I said – you’re attacking the wrong problem.
Foreign companies are here to make money – but in the process they create jobs, pay taxes and provide indirect employment through indigenous companies that support them. I see no issue with that at all. Perhaps we could tax them more – but I see no value in dismissing them as evil corporations with no benefit to the country – because thats simply not true. What we need is for Irish companies to be supported so that they can grow and in time reduce our reliance on foreign companies.
By all means attack the government for its lack of transparency in where our money goes (unvouched expenses etc), on the high cost of government, on waste in public bodies, on outrageous wages & pensions, on unwarranted tax schemes that only wealthy can avail of – I’m right beside you on all those. But attacking those who come here to provide employment and in turn tax revenues is just plain wrong. They benefit, we benefit.
@Brian Curtin: In consideration of how the Troika are here and the austerity that’s happening to the Irish People.
It seems to me that the amount of free money that went into these corporations and low taxes are the reason Ireland is in trouble.
Everybody else pays a price but they keep financing these corporations digging and even bigger hole to climb out of.
I hope your right because if your wrong you are in more trouble than you know.
Ok – just picked one year -2006.
IDA supported companies employed 135,500 people, paid 15 billion in wages to their workers and 2.4 billion in corporation tax to the state. This does not allow for the spill-over effect into local businesses that the workers spend their money on, nor on the local companies servicing these corporations.
http://www.idaireland.com/news-media/press-releases/ida-ireland-annual-report/
How much free money does it look like they got? You can’t make a claim like that without backing it up.
@Brian Curtin: I your going to pass around accounts then you should be able to tell the full story.
I do remember that Intel received over 10 Billion Euro’s. 10 Billion for one company.
As a guess these corporations received somewhere between 150 and 200 Billion cash and trillions in tax breaks etc.
I would need the proper accounts but i do not know anybody who keeps proper accounts of these things. Do you.
The IDA should be renamed to the ADA. American Development Authority.
@Brian Curtin: I had a quick look before at the IDA year end report and they are vague to say the least.
Would we be better off with a list of companies by nationality?
10 billion to intel!! 200 billion in investment!! Trillions in tax breaks!!! Now you’re making sh*t up!!
Oh wait – you did say you were guessing. Well your guesses are better that any documentary backup. I think I’ll leave this story now as I’m forced to agree with what @sluazcanal and @maxpower called you earlier.
@Brian Curtin: You have no proper information to give but you cannot figure that out.
I don’t see a business here I see a fad. Unless Facebook have a browser or search engine in the works then I can see this company doing a bebo in a year or so time. It’s gone too commercial you know!
Bebo is to Facebook as a Nokia 3310 is to an iPhone 5.
They do have a few systems already launched that loads of companies use, their API is on lots of sites for logging in and commenting, they’re trying to reinvent email and when they launch the new adverts systems then they’re gonna be able to cash in even more! Browser? That’s not their game! Advertising is their ball park
Inward investment into Ireland, creates a successful environment were people can work, support their families, local communities. Great for people’s well being. Better than being on the dole or having to emigrate. So let’s support these companies.
How much does the girl who “inspired” him to create it get?!
I fail to see how Facebook, a company that uses you* as products in their assembly line of advertisement and sales, is a good company.
It’s future use (and maybe current) will be more sinister.
*fools that use it
Some things missing from the list.
Fact 11. Young families in Ireland are having to pay a horrendous price to keep supporting this companies and the ideas of business where they will be in debt for ever.
Fact 12 3.9 billion in cash and they still come to Ireland for the tax breaks from traitors running Ireland.
Fact 13 Irish Politicians do not live in America but have managed to create more American Millionaires / Billionaires than any other country. Question how Irish Millionaires / Billionaires did Dail Eireann ever create?
Fact 14 Persistently financing American Corporations has kept the Irish in servitude breaching Article 4 of the Universal Declaration of Human Rights and Article 9.3 of the Irish Constitution. Should Irish Courts put a stop to crimes against humanity and treason?
Yeah, jobs and investment in Ireland suck. Let’s force Facebook to move to France. That’ll show them all and put bread on everyone’s table.
Not every story on the site needs a comment about ‘evil bankers, politicians, bondholders, billionaires etc’.
What are ya on about?!?
Companies like facebook create well paid, sustainable, high-quality employment.
@Daniel Dudek: Can you provide me with the proper accounts to verify your claim?
@loyalirish. I didnt know that we have created so many American millionaires. Can you post a link to verify this claim? thanks. i am not looking forward to seeing this figure.
Funny thing is .. you’re posting this comment from your facebook page! Way to stick it to the man!
@LoyalIrish Citizen – you want @Daniel Dudek to provide the proper accounts to verify his claim that companies like Facebook create well-paid employment?
Take a walk from Grand Canal Dock DART station, down Barrow street and over by the Grand Canal Theatre and see the injection of life that Google and Facebook have given to the area. I’s not a claim – it’s a fact.
@sluazcanal: Maybe you could expand on this. http://www.dailymail.co.uk/news/article-2095011/Facebook-IPO-Staff-plan-lavish-spending-IPO-set-create-1-000-millionaires.html.
I only wish that the traitors of Ireland had kept proper accounts of all the money they gave to these pretentious corporations.
@Stephen Murphy: Just the accounts will do. If Irish Politicians continue to run out of money the buildings could be empty in a couple of years time. How many NAMA properties are still empty?
@Gavin McGuinness: If there is an alternative to Facebook and comments on this site I would probably use it.
My Facebook page has nothing on it so you can deduce i use it out of necessity, not choice.
thanks loyal. you could use twitter. Yeah i dont see any evidence that irish politicians made these people millionaires. Its just another large company that has offices all over the world. You need to relax. Yeah facebook probably com here for tax reasons but i dont care as long as they create employment. We could tax them more but then they would be gone.
Loyal – you are not an accountant, you are not a lawyer. You are not qualified to comment on the things you seem to choose to comment on.
It’s clear that a lack even a basic knowledge of the things you rant about. Fundamental misunderstandings of the following – constitutional law, human rights law, the common law system in general, accounting (tax, regulations, proper reporting etc), economics (would list but you manage to cover pretty much everything), government, the markets and hell, even morality at times. Just stop talking and GTFO, you’re a waste of space on this website.
Usual stellar response from The Journal’s finest commenter. Sorry if I’m being condescending (that means when people talk down at you).
@LoyalIrish Citizen You don’t need accounts to see the uplift in the area – that’s the point that you, bafflingly, continue to miss (or perhaps refuse to admit).
In relation to NAMA buildings still being empty – there’s 3 less empty ones on Barrow Street since Google bought them. Seems like you’d prefer if they were left idle.
@Muc Beag: Any entry you have ever made just comes across as you being a Pakled.
http://en.memory-alpha.org/wiki/Pakled
You want the skills but you don’t want to make the effort.
@Stephen Murphy: Society is made up of people.
What the top ten ways you would invest in the Irish People while asset stripping Ireland and giving it away to these pretentious American Corporations?
You may start with the homeless.
Can you really figure out how to invest in the people?
OK it’s just been confirmed – this Nutjob is a troll of the highest order.
Ah no loyalirish – it’d be much more fun if you gave us your top ten! :)
@Stephen
Used to think troll but now think just stupid.
@Brian Curtin: As requested.
0. Ban all homelessness. There are plenty of empty homes and buildings.
1. Get rid of all subsidised American Corporations.
2. New Rule Books. The existing rule books have been falsified to use opinions.
3. Court System. A complete new system after punishing the existing traitors running law.
4. A new Parliament representative of the Irish People and explore ways for the Irish to participate from abroad.
5. A police force that knows how to look for anything that interferes with the rule books, especially opinions.
6. Self Assesment. For those employed in law, especially the parliament a separate mechanisms to judge. Self assessment does not work.
7. Better voting system. More transparent system that allows people to express themselves properly.
8. Education. A better education system producing people to be independent of big corporations. No more producing people just for jobs.
9. Subsidies. People generally need a start and that all funding is means tested to ensure the rich do not monopolise funding. There are no benefits giving money to those who have too much already.
Feel kind of guilty prolonging this rubbish, but anyway –
Why just get rid of american companies? IDA supports 985 companies, of which 491 are US.
Origin / Number of Companies
US = 491
Germany = 99
UK = 94
France = 43
Rest of Europe = 167
Japan = 24
Rest of Asia Pacific = 17
Rest of World = 50
Total = 985
@Brian Curtin: Its the distribution of monies.
How much for the yanks and how much for the others?
@LoyalIrish Citizen It’s not enough just to state a half-arsed opinion as fact, throwing out wild accusations and then expecting anyone that disagrees with you to prove you wrong. You’re the one telling us about how the evil American corporations are getting ‘Trillions’ – where’s your proof?
My Facts are that companies like Facebook and Google bring direct employment, direct income tax receipts as well as a complete lift to local businesses in the area, not to mention their rents paid for what would be otherwise vacant buildings, including the 3 that Google just bought. If you can prove me wrong, then by all means go ahead.
@Stephen Murphy: You are the one talking rubbish.
A few over financed American companies in a small area of a country does mean a good society.
Its an image, a delusion that will bite you in the ass someday.
If you want the truth get the full accounts. I know you will not get them and until you do everybody here is guessing.
@LoyalIrish Citizen I’m not guessing – on the contrary, I’m an example of the reality. The only thing that bit me in the ass was studying and training to work in an industry that has eventually all but closed down in Ireland because it wouldn’t move forward.
The one thing that saved me was the fact that multinationals like these decided to locate in Ireland – other than that I wouldn’t be working in one of them, or anywhere for that matter.
If you think that me (and thousands more) having a job is bad for the country; then you are on your own.
@Stephen Murphy: The Troika being in Ireland is the best way to understand that Irish Politicians financing these corporations and putting all their eggs in one basket has been detrimental.
Irish Politicians are running out of money and time. The image does not last forever.
If Irish Politicians had made the money available to you, you could choose your own destiny.
In the years to come you will be back at square one and looking for work, its just a matter of time.
@LoyalIrish Citizen When people look back on Ireland 20 years from now, something tells me that American corporations won’t stand out as the thing that resulted in the Troika getting involved.
Aside from that, thanks for the good wishes. When I end up back looking for work I’ll be sure to look you up so you can say you told me so.
@Stephen Murphy: If you live long enough you will see the things happening time and time again.
In another 4 or 5 years Irish Politicians will go cap in hand to Brussels and start the ball rolling again.
Not much point in arguing with him stephen – I thought he was just your typical bigoted anti-american looking for handouts from the state without any idea how the state pays for it – but he’s also slagging off Irish owned Ryanair on another story so it simply looks like he just a begrudger and hates anybody who’s got up off their asses and has made money through their hard work and invention.
No matter what arguments and facts you lay out he’ll post again so he can have the last word and run off to the tent declaring victory. Yep you showed us citizen – shame you have hide behind a pseudonym.
@Brian Curtin: And you come across as Fianna Failer who only ever provides half the information because never had the skills to work a situation out fully.
What on earth do Facebook need $5 billion for?
Eventually, the initial investors in businesses will steer the company in the direction of going public as a way for them to cash in on their original stake.
You’ve got a serious chip on your shoulder. I hope you never get anywhere near the levers of power.
>> Fact 11. Young families in Ireland are having to pay a horrendous price to keep supporting this companies and the ideas of business where they will be in debt for ever.
What are you on about? Facebook currently employs over 3,000 people worldwide and if they follow the same growth rate as Google did after its IPO then that number could be 10 times larger in the next couple of years. I am glad they are here in Ireland as their success will be our success. I’m delighted to hear that the staff in Dublin are going to benefit from the floatation and I’m sure that some of that money will work it’s way into the local economy.
>> Fact 12 3.9 billion in cash and they still come to Ireland for the tax breaks from traitors running Ireland.
Facebook is a business and as a publicly traded company it will be expected to work in the interests of it’s shareholders which means increasing its profitability. Why not come to Ireland, it’s a no brainer?
>>Fact 13 Irish Politicians do not live in America but have managed to create more American Millionaires / Billionaires than any other country. Question how Irish Millionaires / Billionaires did Dail Eireann ever create?
Since when is it the role of government to create millionaires/billionaires? Governments only role in this matter should be to ensure the right environment exists in which to do business.
>> Fact 14 Persistently financing American Corporations has kept the Irish in servitude breaching Article 4 of the Universal Declaration of Human Rights and Article 9.3 of the Irish Constitution. Should Irish Courts put a stop to crimes against humanity and treason?
You’ve lost me here as to how this applies to Facebook? Last I saw social media like Facebook and Twitter was helping tear down barriers and give those without a voice an international stage.
@Donal McCarthy: Did you ever consider starting your own social network with funding from Irish Politicians where you could compete with Americans rather than being in servitude. Jobs, jobs, jobs. If that word was taken out of the dictionary you would have very little to say. Investment has a return. What is the investment when breaching the declaration of Human rights or the law in general?
@Brian Curtin: Those who have been running Ireland for far too long are like a disease. They infect everything and need to be treated. These people are self serving and have no regard for people or society.
LoyalIrish Citizen, you are clearly the ghost of Dev come back to haunt us all back to the dreary inward-looking days of Mé-Feinism.
loyal irish. You delete your facebook account.
@sluazcanal: If you do not like Irish People having rights of expression you don’t have to read what we say. You could always delete your account and stay in ignorance. Nothing is forcing you to make comments.
@Donal McCarthy: Dev was a traitor and a yank, just like those who asset strip Ireland and give it to these pretentious American Corporations. I think i go the opposite way.
Yaaaaaawn
woah i never said anything of the sort. You could use twitter. Wait i just noticed you are a troll!
@sluazcanal: Troll. Is that the best you can do?
How do you mean?
Nobody?
@John Brennan: Maybe you should read the Irish Constitution and learn about loyalty. Its your country and its made up of people not pretentious subsidised American Corporations who could leave tomorrow.
As it stands your children will inherit your mistakes. Do not make them. Look at the longer term.
With 845 million users generating 2.7 billion Likes and comments a day, last year alone Facebook made over $3.71 billions
It’s entire secret is based on the fact that people are easily fooled and Zuckerberg is really a con artist!
http://www.vectorash.ro/facebook-secrets-ipo/
have your say