The popular social networking site got a $6.5 billion valuation for its common stock shares.
Press Release Service – Wired PR News – Facebook has reportedly been valued at $6.5 billion following a significant sale of its common stock. As reported by Reuters, the popular social networking site may now have a higher market value than sites of several established companies such as CBS Corp., which bring in a higher amount of revenue.
As noted in the report, the high valuation came Monday following Russia’s Digital Sky Technologies decision to purchase common stock in Facebook for $14.77 per share, which will increase its stake in the company to approximately 3.5 percent.
JMP Securities analyst Sameet Sinha is quoted by Reuters as stating of the impact Facebook’s increase in sales and users has had on the valuation, “Those are the things that are really driving the valuation… Essentially, people’s expectations that this could be the next Google.”
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