The company, Facebook, is valued at more than $50 billion. Yet, because it is still privately held, it is not required to make any disclosure about its finances. Once the number of its shareholders reaches 500, it will be deemed a public company and will be required to make significant (and expensive) financial disclosure Should the SEC change its rules so that these reporting requirements are not triggered until companies have more than 500 shareholders? Which is more important – to minimize the disclosure burden on companies or to protect investors who are willing to buy stock even without financial disclosure?