Rep. Fattah Challenges Zuckerberg to be Public Spirited in IPO

Facebook is 'The New Public Square'

WASHINGTON, May 15, 2012 /PRNewswire-USNewswire/ -- Declaring in an open letter that Facebook is "the new public square," Congressman Chaka Fattah (D-PA), today called on founder Mark Zuckerberg to reserve a portion of Facebook's initial public offering (IPO) for purchase by non-profit organizations and foundations, especially those serving young people.

Fattah said, "It would be "a very 'Facebook' action to take."

When Facebook stock is offered on May 18th it is expected that most if not all of the initial 337.4 million shares will have been bought by elite investors leaving nothing for the average Facebook user or average investor to purchase.  Fattah said setting aside a block of shares for organizations that serve America's youth would be a public spirited move for Zuckerberg and an opportunity for millions of our nation's young people.

"Facebook has evolved to be more than a site where 'friends' connect," Fattah wrote in an open letter to Zuckerberg released today. "It is a medium for social change, public education and debate. Through its users it has evolved to be the new 'public square.'

"…Reserving a fraction of the stock for public spirited organizations, especially those that are national in nature and serve youth in diverse communities, seems like a very 'Facebook' action to take," the Congressman wrote. "It would mean opening up access to this high value commodity in a way that serves the public good."

Fattah is a veteran legislator from Philadelphia who has championed youth mentoring and innovation in the business world throughout his career. He is the senior Democratic appropriator for federally-supported mentoring programs and research on the House Appropriations Committee.

Fattah said non-profits and foundations serving youth and other under-served Americans face funding challenges, and an opportunity to buy Facebook stock would aid them in continuing their work.

"Unfortunately, some of the communities from which your users hail are facing significant challenges," Fattah wrote. "A great network of non-profits and foundations – the Boys & Girls Clubs of America and Big Brothers, Big Sisters – are great examples of organizations that have stepped up to bridge the gap, and these organizations are constantly in search of creative ways to ensure there is enough funding to continue their great work.

For the complete letter click here.

SOURCE Office of Congressman Chaka Fattah