Since Facebook started selling stocks, does that mean it's completely public?

[The New Yorker]

When a company starts to sell stock, it means that they've "gone public", but I read on a post from Facebook today that it's still a private company and that if it were to be public, it would need "a source of cash from tax payers". Is this true?

[Snake]

It's a PUBLICLY traded company, registered with the SEC & traded on the open market. I'm guessing whatever source you read this from could be foreign? Or it's just an issue of verbage. But in countries (like Russia) where companies are literally owned by the "state", Facebook could be seen as a "private" company in a broader sense, or not owned by the "state".

But typically in the US, PRIVATE companies only refers to closely held companies that are not traded on the open market. ie. Equity firms, large accounting & law firms.... That are in effect partnerships.