John Carney and "a great many people" on Wall Street say yes.
[The] theory is that Goldman might welcome a ruling by the Securities and Exchange Commission that would declare the firm’s Facebook fund to be nothing other than an attempt to circumvent securities laws. If the SEC took this stance, it might declare each of the investors in the fund to be investors in Facebook itself—bringing Facebook over the 500-investor threshold and forcing it to make the kind of financial disclosures that a publicly held company must make. Once Facebook triggered the disclosure rules, the theory goes, it might well decide to finally sell shares to the general public.
What say you, fair readers?