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Apparently, China is Trying to Buy Facebook

July 5, 2011 1 comment

penn-olson

Maybe it’s decided that Facebook is the lesser of two evils when it comes to Western social networks. Maybe it’s just Beijing buying itself a birthday present. Whatever the reason, it appears that China — or more specifically, one of China’s sovereign wealth funds — is trying to buy a significant stake in Facebook.

A Business Insider report cites “a source at a fund that buys stock from former Facebook employees” who was approached directly about helping to put together a stake big enough “to matter” and “a second source tells us there is a rumor going around the social network that Citibank is at this very moment trying to acquire as much as $1.2 billion worth of Facebook stock on behalf of two sovereign wealth funds – China’s and another from the Middle East.”

$1.2 billion isn’t going to be nearly enough of a stake to matter at a company whose value is pegged around $100 billion, but the news has caused some concern, given that Read more…