Facebook has introduced a dual-class stock structure to enable shareholders to tighten their control over the company, according to the Wall Street Journal.
The move takes Facebook another step closer to a public listing of the company, said analysts.
The dual-class structure gives some shareholders, such as the company's founder Mark Zuckerberg, stronger voting rights and therefore stronger control.
Google adopted the practice when it went public in 2004, said the Financial Times.
The dual structure granted shares with ten times the voting rights of ordinary shares to co-founders Larry Page and Sergey Brin, and chief executive Eric Schmidt.
Analysts said Zuckerberg appears to be emulating this strategy.
Facebook issued a statement that said existing shareholders want to maintain control on certain issues to ensure the company can continue to focus on the long-term.
Zuckerberg has indicated in the past that he plans to take the company public, but despite the latest move, the company said the move is not imminent.