"They decided to go for-profit and allow anti-competitive behavior and destructive (but high-paying) new "customers" to suck all the life out of each day's trad

"They decided to go for-profit and allow anti-competitive behavior and destructive (but high-paying) new "customers" to suck all the life out of each day's trading with algorithmic codes." This has nothing to do with why Facebook didn't want to go public. The biggest reasons are (1) public reporting and data (2) the amount of effort would have defocused them at a critical time of growth (3) they could raise huge funds without it and (4) perverse incentives with large institutional investors, often their largest shareholders.