Posted by: Collabo
Category: Facebook, Investments, Social Networking
$200 Million Won’t Buy You a Seat on the Facebook Board of Directors
Recently Facebook reportedly turned down $200 million in funding at a generous valuation of $8 billion because of the stipulation that a board of directors seat come along with the deal. Mark Zuckerberg is serious about keeping control of the board which he currently holds three common stock seats, one for himself, one for Marc Andreessen (co-founder and chairman of Ning) and the last of which is currently empty.
The latest financial projections from Facebook show that the company estimates revenues of $550 million in 2009, nearly double their 2008 revenue of $280 million. While some consider these estimates to be a stretch, they most likely attributed to the $8 billion valuation in the recent offer (still a far cry from last round’s $15 billion valuation).
Source: TechCrunch
