Facebook.com Buyout? No, Just Venture Capital.
April 19, 2006 — allposts
FaceBook.com, a college and high-school based student directory, recently turned down a $750 million buyout from Viacom Inc.
The owners of the privately held company have turned down a $750 million offer and hope to fetch as much as $2 billion in a sale, senior industry executives familiar with the matter say. BusinessWeek.com
With plans to seek further development of the site, Greylock Partners has granted Facebook (powered by Mark Zuckerberg) a $25 million venture capital. Greylock Partners is a Palo Alto-based company, states simply
“We’re building this company for the long term and this funding validates the viability of our business,” said Mark Zuckerberg, Founder and CEO. “We’re still in the early stages of building Facebook. We’re constantly developing new functionality to make Facebook more useful and this funding will help accelerate our development efforts.” Greylock.com
In the short, Facebook has been having a lot of new developments and they have really picked up their member size in the last year or so. I have been a strong supporter of Facebook since the day they opened and was happy when they finally came to my school. As an active user of Facebook, I am quite happy to see this further development in the application platform so that there is more functionality within the site. As I have seen the site grow, mature, change, and evolve, I have great expectations for Facebook in the future.