Liz Gannes

Recent Posts by Liz Gannes

By the Numbers: Goldman Sachs Buddies Up With Facebook

Goldman Sachs is leading a new yet-to-be-completed investment into Facebook, according to a report by the New York Times’ Dealbook tonight.

Here are the key numbers:

  • $500 million=Total amount of investment, mostly from Goldman Sachs, with $50 million from Digital Sky Technologies
  • $50 billion=Valuation for the new deal. The market value
    for the social networking powerhouse has been growing quickly, most recently at $42.4 billion according to SharesPost, or as much as $56 billion according to some other secondary market transactions.
  • $75 million=Portion of Goldman stake that it can sell to DST, under the terms of the deal
  • $1.5 billion=Amount Goldman would be entitled to raise from high-net worth clients through a “special purpose vehicle” to buy Facebook shares
  • $15 billion=Estimated paper net worth of Facebook CEO Mark Zuckerberg after the new valuation
  • Priceless=The golden opportunity to take Facebook public

Please see the disclosure about Facebook in my ethics statement.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work