Monday, September 24, 2007

10000 Million Social Network, Facebook

For Mark Zuckerberg, it has to be hard not to gloat. When the 23-year-old turned down Yahoo's $1 billion offer for his social networking Web site Facebook, some Silicon Valley veterans openly questioned his sense. Was Zuckerberg really that egotistical—or childish—to think a site where kids post photos and shoutouts was really worth a third of, say, the New York Times Co. ? But now Facebook is seeking investment that would value the company at around $10 billion—more than twice the market cap of the Times.

So far, Zuckerberg is keeping any I-told-you-sos to himself. His company refused to comment about a Sept. 24 Wall Street Journal report that Microsoft is attempting to buy a 5% stake in Facebook for as much as $500 million. A person with knowledge of Facebook, however, confirmed that Facebook seeks investment at a minimum $10 billion valuation.

News source.

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