• Bloomberg, Wednesday, October 10, 2012 12 PM

Widening what is known in political circles as a credibility gap, Facebook reportedly did everything possible to mask its true revenue potential prior to its IPO in May. Letters published by the SEC “depict a [Facebook] management team hesitant to disclose information and still guessing at even rudimentary aspects of its business just weeks before the company held the largest-ever technology initial public offering,” Bloomberg reports. Facebook was particularly oblique about mobile business strategy -- “holding back crucial details until the SEC pushed for further disclosure.”
 

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