Facebook valuation reaches $70 billion

The new Facebook valuation is $70 billion.

According to Reuters, the Woodside, California-based Investment fund GSV Capital Corp, has taken a small stake in Facebook, valuing the world's top social networking site at about $70 billion. The investment fund bought 225,000 shares in Facebook at an average price of $29.28 per share. GSV Capital is known for investing in high growth, venture capital backed companies.

To get a fair idea of what a $70 billion Facebook valuation means; it’s to be noted that at this valuation Facebook would be valued slightly below Amazon.com Inc, Cisco Systems Inc or Hewlett-Packard Co.

Facebook which is traded privately has roughly 2.4 billion outstanding shares, according to the latest data from secondary market company Sharepost.

With such behind the scenes buying frenzy, Facebook is under immense pressure to go public sooner than later. Although sources say the Facebook IPO is expected to arrive early 2012, Facebook has not revealed any official deadline yet. --------

No comments