Facebook, the world’s No.1 Internet social network, is splitting shares in the privately held company. A Facebook spokesman told Reuters on Friday that Facebook will enact a 5-for-1 split of the company’s shares, marking the third time Facebook has split its shares in its six-year history.

Part of the reason for Friday’s split, said Facebook spokesman Jonny Thaw, was to help reduce the price of Facebook’s shares, which have risen significantly in recent years.

Facebook would not say what price the company’s shares are currently trading at in so-called secondary markets, where shares of private companies are sold.

With users at half a billion and counting, Facebook is closely watched by investors hoping to one day buy public shares in the fast-growing company.

Earlier this week, Facebook board member Peter Thiel told Reuters the company would probably sell shares to the public at some point, but not before late 2012.