Businessman puts $60 million in site

HONG KONG – Billionaire Hong Kong businessman Li Ka-Shing (second ref: Li) has reportedly invested $60m buying a stake in social networking website Facebook.

Deal would appear to give Li no more than a 0.4% stake in the company, though press reports say that he has an option to invest a further $60 million. Agreement may pave the way for cooperation between Facebook and Tom.com, an Internet group that Li controls.

Microsoft recently paid $240 million for a 1.6% stake, which would value Facebook at $15 billion.

Li appears to have bought the stake through a company other than his main Hutchison Whampoa and Cheung Kong vehicles, though he did not offer any further details.

Want Entertainment News First? Sign up for Variety Alerts and Newsletters!
Post A Comment 0