Facebook declined to spin-off its Workplace app as $1bn unicorn

AgenciesUpdated: Sunday, January 23, 2022, 10:01 PM IST
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US social media giant Facebook Photo: Representative Image |

Facebook has declined to spin-off its Workplace app valued at over $1bn unicorn.

Workplace, Facebook's collaboration tool for businesses has gained more than seven million paid enterprise users, the reports said.

Facebook declined the offer as it sees Workplace as a "strategic asset".

The reports said that Facebook was approached by enterprise investors offering the social network a "proposition", "spin off the organisation, they said, and let us back it as a startup".

A deal would have valued a newly independent Workplace as a "unicorn" (at least at $1 billion).

(With inputs from IANS)

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