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Facebook Now Valued at $23BN

Elevation Partners stock purchase triggers scary new calculation
By Jeremy Geelan
Article Rating:
June 30, 2010 08:15 AM EDT
Reads:
 378

According to Alexei Oreskovic of Reuters, the purchase of $120M in Facebook stock by Elevation Partners - a private equity firm whose partners include U2 frontman Bono - values the social networking company at a staggering $23BN.

Elevation Partners now has a 1.5% stake in Facebook.

According to the Reuters report, the firm had already purchased $90M worth of Facebook shares - based on a $9BN company valuation - back in November 2009.

Published June 30, 2010 – Reads 378
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Jeremy Geelan is President of Cloud Expo, Inc. He is Conference Chair of the worldwide Cloud Expo series, of the Virtualization Conference series, and of the upcoming UlitzerLIVE! event. During his tenure with SYS-CON Media, he launched Cloud Computing Journal, Web 2.0 Journal, AJAX & RIA Journal and other leading SYS-CON titles. From 2000-6, as first editorial director and then group publisher of SYS-CON Media, he was responsible for the development of all new titles and i-technology portals for the firm. From 2006 to 2010, as Sr. VP of Editorial & Events, he had complete responsibility for the content of SYS-CON's events portfolio. He regularly represents SYS-CON Media & Events at conferences and trade shows, speaking to technology audiences both in North America and overseas. He is executive producer and presenter of "Power Panels with Jeremy Geelan" on SYS-CON.TV.

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