Facebook Nets $500 Million Investment
January 3, 2011, 13 years ago
According to The Associated Press, social networking behemoth Facebook has raised $500 million from Goldman Sachs and a Russian investment firm in a deal that values the company at $50 billion, The New York Times reported.
Goldman invested $450 million and Digital Sky Technologies invested $50 million, the newspaper reported Sunday in its online edition, citing people involved in the transaction that it did not name. Goldman has the right to sell part of its stake, up to $75 million, to the Russian firm.
Facebook founder Mark Zuckerberg was named Time magazine's Person Of The Year and was the subject of a high-profile movie about Facebook's creation. Zuckerberg, who owns about a quarter of Facebook's shares, is one of the world's youngest billionaires.
The deal may double Zuckerberg's personal fortune, which Forbes estimated at $6.9 billion when Facebook was valued at $23 billion.
