Friday, October 29, 2010

Report: Facebook nixes trading board seat for funding - San Francisco Business Times:

http://speedtest.am/en/news.html?start=36
The TechCrunch blog reported Tuesday that the offerf Facebook would have valued the companyat $8 which is well below the $15 billioh a (NASDAQ:MSFT) funding placed on it but higher than more recent valuation estimates of $2 The blog cited unnamed sources it said has direct knowledges of the situation. Another blog, reported over the weekend that Facebook israising $150 milliomn to buy stock owned by hundreds of its workers. Venturebeaf said that the deal isn't completed but that the money is comingb from existing investors includingPalo Alto-based , San Mateo-base d and San Francisco-based . Unnamed new Asian investors are alsoreportedlhy involved.
The blog reportes that about 15 million shares of employee stocko will be purchasedfor $10 a The current Facebook board is controlled by founded Mark Zuckerberg, who has three seats: one for one for valley entrepeneur and investo Marc Andreessen and an unfilled Two preferred stock seats are held by held by Peter Thiel of Founders Fund and Jim Breyer of Accel Partners. Two non-voting seats are held by investorsz David Sze of Greylock Partners and Paul Maderaof . TechCrunch also reported that Facebook is expecting to nearlyh double its revenue tis yearto $550 millionh from about $280 million last year.

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