Facebook Rumored To Be Looking For More Funding

TECH CRUNCH -- Apr 30 -- Facebook is reportedly still in the process of talking to several private equity firms about a significant follow-up investment in the company. According to the New York Post, which is owned by News Corporation, the same company that owns Facebook rival MySpace, the social networking juggernaut has already held informal exploratory meetings with several equity firms. The article states that Facebook is looking for fresh capital at a $5-6 billion valuation. Tech Crunch writers noted that Facebook is “burning through as much as $20 million a month” and likely has “less than two years runway left, and possibly significantly less if they continue to add new users by the tens of millions that are currently flocking there every month.” Existing Facebook investors are reportedly not pleased with the prospect of diluting their shares in the company. FULL ARTICLE @ TECH CRUNCH

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