Facebook was on the verge of scrapping its $104 billion initial public offering (IPO) in 2012 after receiving poor revenue projections, according to court testimony in a class-action lawsuit.
“Everything here is going really badly. Our revenue projection has gone down so much we now think we might go public at less than $50bn if things continue,” the text said, according to the Financial Times.
The IPO came at a pivotal moment for Facebook, which was fighting to move its platform from desktop to mobile and had spent $1 billion to purchase Instagram—an acquisition now considered one of the most “brilliant” in tech history.
Facebook is the most successful social…