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

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

AgenciesUpdated: Sunday, January 23, 2022, 10:01 PM IST
article-image
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)

RECENT STORIES

Analysis: Anonymous Electoral Bonds Reined In — But What About Anonymous Cash Donations?

Analysis: Anonymous Electoral Bonds Reined In — But What About Anonymous Cash Donations?

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu..."; Here's How To Save...

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu...

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report