Facebook Valued at $15 Billion
2007-10-27 01:04:55 Posted
by: ragaman7 Category: Copyright
Facebook recently struck a deal with Microsoft to allow Gates' empire a measly 1.6 percent stake in the runaway start-up for $240 million. Facebook is 3 and a half years old and takes in less than $200 million annually at present. Two years ago, Rupert Murdock paid $580 million for outright ownership of MySpace, which still reigns supreme in the world of online social networking. Facebook, however is catching up quickly, and Microsoft's partnership would seem to make 23 year old founder, Mark Zuckerberg's decision to turn down Yahoo's previous offer of $1 billion for outright ownership, a wise move. Zuckerberg started facebook in his Harvard dorm room and now employs 300 staff and has over 50 million members worldwide. With the Microsoft deal secured, Zuckerberg intends to more than double the Facebook staff to 700 and they expect to increase online membership to over 300 million in the next couple of years. Online social networking is proving to be one of the most sustaining activities on the web; only time will tell if it will eventually surpass 'surfing for porn'... UPDATE |
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