Facebook has raised $500m of an expected $2bn in new funding in a deal valuing the social networking site at about $50bn or £32bn. The social networking site has reportedly landed a cash injection from the investment bank Goldman Sachs and a Russian investor.
According to the FT, this means that Facebook is now worth more than either Time Warner or Yahoo.
Facebook which has 500 million active users is expected to use the investment to fund development of new products and possibly make acquisitions, the New York Times said.
Does this now mean that each of the 500million users on Facebook are worth $100?
Facebook has grown rapidly and overtook Google as the most visited website in 2010, according to Experian Hitwise.
Read more about what this means at the full New York Times story.