Washington: Facebook founder Mark Zuckerberg has told his investors that his company was established to accomplish a social mission- to make the world more open and connected, ahead of the biggest five billion dollar initial public offering.
"Facebook was not originally created to be a company. It was built to accomplish a social mission -- to make the world more open and connected. We think it's important that everyone who invests in Facebook understands what this mission means to us, how we make decisions and why we do the things we do,” The Los Angles Times quoted Zuckerberg, as saying in a letter included in the company's S-1 filing with the SEC.
He said Facebook was not established simply to want to make money, but rather as a company that wants to make money to keep improving itself.
"Most great people care primarily about building and being a part of great things, but they also want to make money. Through the process of building a team -- and also building a developer community, advertising market and investor base -- I've developed a deep appreciation for how building a strong company with a strong economic engine and strong growth can be the best way to align many people to solve important problems.
"Simply put: We don't build services to make money; we make money to build better services," he added.
Stating the purpose of an initial public offering, he said it aimed to keep the promise made to employees over the past eight years instead of cashing in on its profits.
Zuckerberg described Facebook culture as the ‘Hacker Way’ and added that it played a crucial role in maintaining the success of the social network.
Facebook uses the Hacker Way as "an approach to building that involves continuous improvement and iteration," he said.
ANI
First Published: Thursday, February 02, 2012, 19:16