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Facebook is facing pressure from the social network’s own shareholders to raise more money and improve its business, even as it has struggled to convince investors that its next-generation Facebook is worth more than $1 billion.
Facebook’s shares are up 1.4% this year, with some analysts projecting that it will finish the year up at $1.26 billion.
But some investors say that if Facebook can’t make a more convincing case to the public that its business is strong enough to justify a $1-billion valuation, then the social-networking giant should consider an IPO.
A group of Wall Street investors led by investment firm Lazard Capital is pressuring Facebook to issue more shares in a way that would give the social platform more value.
Facebook currently holds about 2.3 million shares.
«The company has been unable to convince Wall Street that Facebook is a viable investment, and is under pressure to do so,» according to the letter, which was sent to the board of directors of the company.
«A stock issue of 2 million shares is an appropriate step to ensure that investors and our community are aware of the significant challenges Facebook is experiencing, and to enable them to make informed decisions regarding the company’s future.»
Facebook’s board has previously declined to discuss the company or its plans for a new round of funding.
But in an interview with Bloomberg this week, CEO Mark Zuckerberg defended the company as being «very much alive» despite its struggles.
«We are on the precipice of a new era of growth,» he said.
«There is no other company on the planet that can achieve that.
We’ve been a big part of it.»
Facebook shares have risen more than 20% this week.
In an earnings call on Wednesday, Zuckerberg said the company had made progress on some of its major goals, including boosting user engagement and building more tools for advertising.
But he acknowledged that «there are still challenges.»
«We have a long way to go, and we’re not at a point where we’re quite there yet,» he told the company, according to Bloomberg.
«But we have made significant progress, and it’s a really, really big accomplishment.»