Did Facebook Raise $740 Million?

According to Elizabeth Corcoran at Forbes, Facebook raised a total of $740 million thanks to two $250 million investments from separate hedge funds. This doesn’t come as much of a surprise given that is was rumored that Facebook was seeking to raise $750 million. Whatever the case, Mark Zuckerberg must be happy now that he is worth $4.5 billion based on Facebook’s new valuation of $15 billion. It’s definitely time for Zuckerberg to go out and party like a rockstar.

It’s good to know that investors are headed to the tech industry following the sub-prime mortgage fallout. On the scale of risk from fallout from recession, the tech industry seems to be one of the industries furthest from risk of fallout. This can be attributed to Microsoft’s promised investments over the next five years and the hedge funds’ rumored investments in Facebook. All signs point to good times in Silicon Valley for at least the near future.

While the remaining hedge fund investments are just rumors, the rumor does come from a reliable source (not just Fake Steve Jobs). Whether or not the rumors are true, employees of Facebook surely have a good reason to start the weekend a little early.

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