Before its IPO, Facebook was an example of a private firm.As a private firm, Facebook was

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As a private firm, Facebook was primarily run by its founder, Mark Zuckerberg. Private companies are not required to have shareholders or a board of directors. And while they are generally subject to government regulations and taxation, they have more flexibility than public companies in terms of disclosure and reporting requirements. Private companies are also allowed to raise funds through venture capital firms.

Before Its IPO, Facebook Was an Example of a Private