The Facebook Fortune: Social network raises $500 million in new funding, increases valuation to $50 billion

Posted by Knowlton Thomas

Cha-ching.

That should be Mark Zuckerberg's Facebok status right now.. His company recently received $450 million from U.S. investment bank Goldman Sachs and $50 million from Russian investment firm Digital Sky Technologies in a new round of funding. This brings Facebook's total funding to more than $1.3 billion.

More important, the funding also boosts Facebook's valuation. Mashable reports that in September, Facebook was valued at as little as $23 billion, and that in November, it was worth $41 billion. That's fast climbing.

Who knows what Facebook actually needs the money for, as I doubt they really do, but we'll see. Perhaps they've got a big project under wraps. Or perhaps they just want lots of money.

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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys playing tennis, hiking, and exploring weird side streets. more




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