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Russian firm invests 200 million dollars in Facebook
SAN FRANCISCO - Russian investment firm Digital Sky Technologies has invested 200 million dollars in Facebook in a deal that values the social-networking company at 10 billion dollars, Facebook said on Tuesday.
The valuation is 5 billion dollars less than when Microsoft paid 240 million dollars for a 1.6-per-cent stake in Facebook in late 2007.
“We did the Microsoft investment ... at the absolute peak of the market,” Facebook chief executive Mark Zuckerberg said, adding that the Microsoft investment “was just one piece” of a deal that also involved developing online advertising formats.
“Relative to the economic conditions for when the Microsoft deal happened ... we feel really good about the progress we’ve made.”
In addition to acquiring a 1.96-per-cent stake for 200 million dollars, Digital Sky said it would also agree to buy a further 100 million dollars in common stock from current and former employees of the private company who wish to cash in on their good fortune.
Facebook is the world’s most popular social-networking site with more than 200 million users. Digital Sky is a Russian investment company that claims to have invested more than 1 billion dollars in Russian and Eastern European companies since 2005.
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