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Facebook valued at 50 billion dollars after new investment
Published in Saudi Press Agency on 03 - 01 - 2011


Facebook has nabbed 450 million dollars in
funding from investment bank Goldman Sachs that values the social
networking company at 50 billion dollars, the New York Times reported
Monday. The company also took a 50-million-dollar investment from
Russian firm Digital Sky Technologies, which has already invested
some 500 million dollars in Facebook, according to dpa.
News of the investment came just days after the site was named as
the most popular site in the US in 2010 as well as the most
searched-for term. The company last year passed the 500 million
member mark.
The investment makes the privately held Facebook worth more than
media conglomerate Time Warner and tech titans Yahoo and eBay. It
also ups the fortune of Facebook's 26-year-old founder Marc
Zuckerberg, who was reckoned to be worth some 7 billion dollars when
his company's valuation was estimated at 23 billion dollars last
year.
According to the Times, Goldman Sachs is planning to offer its
Facebook shares to its clients as part of a 1.5-billion-dollar
investment fund.
The report said that the money will give Facebook more firepower
to lure employees from rivals such as Google, "develop new products
and possibly pursue acquisitions - all without being a publicly
traded company."


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