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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.

Facebook

‘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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