Gideon You, facebook CFO, is leaving the company.
Facebook is losing its CFO Gideon Yu. The Wall Street Journal
broke the news earlier today, and speculated that the reason could be that Facebook might want to make an early bid for an IPO and wants a CFO with public company experience (which is complete nonsense). Yu was previously the CFO of YouTube. At Facebook, he was key to raising money from Microsoft at the famous $15 billion valuation, but as the economy soured he was not able to find as many takers at that same price, despite Facebook’s voracious need for capital to keep up with its growth.
It is ’show me the money’ time for social networking sites and there will be a lot of shaking out. Hi5 is announcing layoffs.
Mike Arrington highlights facebook’s troubles keeping its executives.