Wednesday, October 24, 2007

Facebook - World's Most Expensive Pet Rock?

Microsoft to Pay $240 Million for Stake in Facebook - New York Times

The two companies said on Wednesday that Microsoft would invest $240 million for a 1.6 percent stake in Facebook. The investment values the three-year-old Facebook, which will bring in about $150 million in revenue this year, at $15 billion.


Mark Zuckerberg, the 23-year-old Facebook founder who dropped out of Harvard to build the company, owns a 20 percent share which is now valued at $3 billion. Accel Partners, the venture capital firm that invested $12.7 million in May 2005 and owns 11 percent of Facebook, now holds stock worth $1.65 billion.

Yipes! That is a lot of money.

By the way, didn't Steve Ballmer (CEO of Microsoft) call Facebook a "fad" two weeks ago? Yes, he did. Well, that's one expensive pet rock you got there, Steve-o.

No comments:

Post a Comment