AP Reveals Details of Facebook/ConnectU Settlement With Elite Hacking

The document reveals that Facebook’s internal valuation of the company is $3.7 billion, or $8.88 per share – far less than the $15 billion implied valuation established by the Microsoft investment in 2007 (though this comes as no surprise, as a value around $4 billion has been rumored for months).

Under their settlement, Facebook agreed to pay ConnectU $20 million in cash and 1,253,326 shares of common stock. The stock was worth $45 million, based on the Microsoft valuation, but only $11 million under Facebook’s own appraisal.

The funny part of this story is how they uncovered this info: Large portions of that hearing are redacted in a transcript of the June hearing, but The Associated Press was able to read the blacked-out portions by copying from an electronic version of the document and pasting the results into another document.

LOL, good game.

via: tech crunch

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Permalink Posted in: odds and ends February 13, 2009


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