Reports say Facebook is chasing $US260m in funding on top of the $240m it is selling part of the site to Microsoft for.
Reports say Facebook is chasing $US260m in funding on top of the $240m it is selling part of the site to Microsoft for.
KEY POINTS:
NEW YORK - Facebook, the social network website, is looking to hedge funds and private-equity investors to raise an additional $260 million ($NZ340m) in financing, the Wall Street Journal reported on its website.
The report of the talks for additional funding comes a day after Microsoft Corp announcedit would pay $240 million ($NZ314m) for a 1.6 per cent stake in the Web phenomenon.
Microsoft and Facebook said yesterday it will take the stake in Facebook's next round of financing, giving the network a value of $15 billion ($NZ20bn).
The Wall Street Journal, citing people familiar with the matter, said an announcement of additional funding could be just several days away.
The company hopes to use the funding to invest in technology, hire more people and invest in projects including an international expansion and a new advertising system, the paper said, citing people familiar with the matter.
