Facebook insiders are saying the world's largest social networking site in terms of users is postponing its initial public offering next year to 2012.

Bloomberg reported on Sunday that the unidentified insiders said the postponement will allow the $24.9 billion website to grow more in terms of subscribers' base and sales. The site's advertising sales last year was worth $800 million.

Facebook Chief Executive Officer Mark Zuckerberg had said in a recent TV interview that the site will go public "when it makes sense."

Facebook had been rumored to be going public. Last year, reports said the site was postponing its IPO supposedly set this year.