Facebook will go the IPO [initial public offering] route when it “makes the most sense,” Chris Hughes, its co-founder told CNBC Wednesday.
“As Mark [Zuckerberg, the social network site's CEO] has said pretty clearly, he and everyone at Facebook see the IPO as one long step, a long journey, not as a culmination of the company. An IPO is in the cards for Facebook,” said Hughes, who launched a philanthropic site three weeks ago called Jumo, which uses Facebook technology.
Hughes said he thinks Facebook can remain a dominant player on the Web.
Hughes, who also spearheaded President Obama’s campaign on the Internet, said that the non-profit Jumo is a way for everyday people to follow their causes and charities. Listed on the site are: women's issues, HIV-AIDS and homelessness.
Unlike other philanthropic websites, Hughes said, Jumo allows devotees of different causes and charities to engage with them before, during and after they make a donation, instead of only at the point of donation.
“In the coming years,” Hughes added, “we’ll integrate sponsorship opportunities and optional donations to Jumo itself to make sure we’re self-sustaining for the long-term.”
Watch the CNBC Original documentary The Facebook Obsession, which premieres Thursday, January 6 at 9pm ET.