Reddit Co-Founder Won't Invest in Facebook Because of its CISPA Support

May 8, 2012 -

Facebook is beginning to drum up interest among the investor class for its initial public offering, which could raise raise between $9.4 billion and $11.8 billion for the company. But because of its public support for CISPA one high profile investor says that he is not going to touch Facebook's stock: Reddit co-founder Alexis Ohanian. 

In an interview with CNN, Ohanian said that he plans to hold off on any investment in Facebook due to its support of CISPA. He did concede that he understood the “business value of what Facebook is doing.”

“We’ve never seen a company like this before, ever," said Ohanian. "It knows things about our private lives that no one else does, and one of the big issues a lot of us in the tech community has had with Facebook of late, has been their support of bills like CISPA."

Ohanian went on to emphasize the fact that if CISPA is passed it will make it very easy for companies like Facebook to hand over private information to the government without any due process. “So, that’s why I’m going to be holding off,” he said.

Source: VentureBeat


 
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