Facebook's private offering PPM raises questions about how far a company can expand its shareholder base while pretending to be private. In addition, the PPM warns investors that Goldman Sacks may reduce its investment in Facebook through “hedging arrangements, sales or otherwise, without notice to investors in the fund.” In other words, investors in the Facebook private deal may end up not investing in Facebook. Goldman’s lawyers came right out and said it in the PPM: "There may be conflicts of interest relating to the underlying investments of the fund and Goldman Sachs."