Woodside, Calif. — GSV Capital Corp, an investment management company, has taken an investment stake in Facebook that values the social network at $70 billion, Reuters reported.
The company announced Monday that they purchased 225,000 shares in Facebook at an average price of $29.28 each for a total of $6.6 million.
GSV’s investment in Facebook represents nearly 15 percent of the publicly-traded fund’s total portfolio.
“Facebook is a one-of-a-kind business which has created enormous network effects,” said Michael T. Moe, GSV’s founder and CEO. “With over 650 million people on its platform, or approximately 1/10 of the world’s population, Facebook has established itself as a next generation social communications platform.”
At $70 billion, Facebook is allegedly valued slightly below Amazon.com Inc., Cisco Systems Inc. or Hewlett-Packard Co., Reuters reported.
http://tinyurl.com/4yuw8d9 (Los Angeles Times)