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Facebook raises US$1.5b in share offering

SAN FRANCISCO – FACEBOOK announced on Friday that it had raised US$1.5 billion (S$1.92 billion) in a private share offering that valued the social network at approximately US$50 billion.


‘Our business continues to perform well, and we are pleased to be able to bolster our cash position with this new financing,’ Facebook chief financial officer David Ebersman said in a statement.

‘With this investment completed, we now have greater financial flexibility to explore whatever opportunities lie ahead.’

Facebook said Goldman Sachs completed an oversubscribed offering to its non-US clients in a fund that invested US$1 billion in Facebook Class A common stock.

It said Russia’s Digital Sky Technologies, The Goldman Sachs Group, Inc and funds managed by Goldman Sachs invested US$500 million in Facebook Class A common stock at the same valuation. — AFP

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