The Facebook deal moves offshore

Larry Ribstein —  17 January 2011

A couple of weeks ago I noted regarding the “Sachsbook” deal:

So it seems the increased costs of being public have helped exclude ordinary people from the ability to own the stars of the future.  Back in the 1980s, you could just call your broker and get rich off of the Microsoft IPO.  Now you have to be a wealthy Goldman client to do it. 

I guess I was a bit optimistic.  Now you have to be a foreign investor to invest in Facebook. 

I love it:  the US securities laws excluding US investors from investing in a US company in the US. What will they think of next?

In Facebook, Platforms, Securities ,
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Larry Ribstein

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Professor of Law, University of Illinois College of Law

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