Sunday, January 2, 2011

Report says Facebook nets $500 million investment

NEW YORK — A published report said social networking behemoth Facebook has raised $500 million from Goldman Sachs and a Russian investment firm in a deal that values the company at $50 billion.

The New York Times reported Sunday in its online edition that Goldman invested $450 million and Digital Sky Technologies invested $50 million. The newspaper cited people involved in the transaction that it did not name.

The report said representatives for Facebook, Goldman and Digital Sky Technologies declined to comment.

The US Securities and Exchange Commission is reportedly looking into the booming trade in privately held shares of popular social networking sites because companies with 500 shareholders must disclose certain financial information to the public, even if they haven't filed for an initial public offering. — AP

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