Yeah, that’s $70 with a ‘B’ at the end of it. Nothing to scoff at since it will put Facebook in the same ranks as Amazon.com, Cisco Systems, and friggin’ HP! GSV Capital Corp.’s has bought 225,000 shares of the social media site at an estimated cost of $29.28 per share – not small change by any means.
Investment firms are gambling on Facebook’s continued dominance in the social media arena as well as their ability to continue to grow at the exponential rate that they’ve been on; sadly growth in user base alone does not equate growth in revenues. (Just think about all those spambots on services like twitter.) Still, as the Reuters article points out, Facebook will soon eclipse Yahoo! as the premiere display for ad placement in the US – and that’s gotta be worth something; $70B even.
Thanks for the tip @killahkazx