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Facebook lands $1.5 billion in new investments

Facebook turns money away

| Business, Financial & Legal News | Posted: Jan 24, 2011 5:04 pm

Facebook started as the new guy in the social networking scene a few years ago when MySpace was dominating the market in the US. Facebook had more cool to it than MySpace though and users started flocking to Facebook and away from MySpace. Today MySpace is nearly at an end.

 

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While MySpace sinks, Facebook is riding the tide of success to new heights all the time. The latest round of financing for Facebook has happened over the last month or so. The interesting part to me is that Facebook didn't seek more money; Goldman Sacs approached Facebook with an offer for investing in the company.

 

Over the last several weeks, Facebook has taken in $500 million of new investment and an additional $1 billion in new investment from overseas. Facebook could have taken as much as $1.5 billion from the overseas investors and actually turned some of the money offered down. Facebook reports it has no plans to use the money right now and will use it as cash reserves. Facebook is valued at $50 billion.

 

NEWS SOURCE
Facebook.com

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