Investor's Business Daily - Federal regulators are investigating trades of shares in privately held companies, including Facebook and Twitter, to see whether they violated securities rules, according to published reports. Sources said Facebook may have more than 500 shareholders, which would require the social media site to register to publicly disclose its earnings statements, essentially forcing it to pursue an IPO. The SEC granted Facebook an exception for employee-owned shares. The price of Facebook shares traded on SharesPost.com has tripled in a year.
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