Russian Investment Values Facebook at a Cool $10 Billion
Russian Investment Values Facebook at a Cool $10 Billion
Posted 05/29/2009 at 6:30am
| by Paul Lilly
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Facebook this week announced that Russian investment firm Digital Sky Technologies (DST) made a $200 million investment into the social networking site in exchange for preferred stocks. The deal gives DST nearly a 2 percent equity stake in Facebook, and for you number crunchers, values the company at a healthy $10 billion.
"This investment demonstrates Facebook's ongoing success at creating a global network for people to share and connect," said Facebook CEO Mark Zuckerberg. "We've worked hard to bring than 200 million people -- 70 percent outside of the U.S. -- onto Facebook to share with friends, family, and co-workers. A number of firms approached us, but DST stood out because of the global perspective they bring."
And the $200 million. Facebook had previously said that it doesn't expect to generate positive cash flow until sometime next year, so the cash infusion during a global recession comes well timed.
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