Facebook is now worth $50bn

Facebook has raised $50bn from investors and is the world’s most popular site.

London: Facebook has raised 1.5 billion dollars from investors making it the world’s most popular social networking site at about 50 billion dollars, which is more than eBay and Time Warner.

Goldman Sachs turned out be the major investor with 1 billion dollars. The remaining 500 million dollars came from Goldman itself, and Russia`s Digital Sky Technologies. "Our business continues to perform well and we are pleased to be able to bolster our cash position with this new financing," the BBC quoted David Ebersman, Facebook`s chief financial officer, as saying. "With this investment completed, we now have greater financial flexibility to explore whatever opportunities lie ahead." The company added that it had no immediate plans for the proceeds from the fundraising, but would "continue investing to build and expand its operations”. It added that it would begin filing public financial reports on 30 April next year. ANI