The two major investors in Facebook, speaking today at DLD in Munich, put a line in the sand: read their lips, no IPO for the company in 2010. Both Jim Breyer of Accel Partners, and Yuri Milner of DST said on stage that they are in no hurry for an exit on Facebook, nevermind the collective more-than-half-billion investment in the company. “I am happy to announce that there will be no near term IPO on Facebook; this mean 2010. For them,  it is all about getting the product and team right.” Milner: “We have permanent capital, we don’t have to return money to investors, so we have unlimited patience. We want to have the vision follow-through. It is up to the board and management to make the call.”

Some other highlights from the session, via my tweets:
—Breyer, Accel: Social networks or Facebook will never approach Google (NSDQ: GOOG) in terms of efficiency or scale of advertising
—Breyer, Accel: our goal for Fbook: over time a Bn users, most web apps to be on Fbook, 100s if not thousands bldg partnerships
—Yuri Milner, DST, investor, Facebook: $200m investment plus few hundred million (thru employee buyback) in Fbook. Closer to $500m?
—Wal-Mart (NYSE: WMT) will be investing tens of millions in social shopping this year: Jim Breyer, Accel

Full live coverage of the session on DLD site here.