Monday, December 10, 2007

Li Ka-shing buys Facebook stake

HONGKONG billionaire tycoon Li Ka-shing, Asia’s richest man, has acquired a 0.4 per cent sliver of equity in the social networking site Facebook for a reported US$60 million (A$68.1 million).

Wire reports say the investment was made through the Li Ka-shing Foundation, and did not involve his flagship companies Cheung Kong or Hutchison Whampoa.

79-year-old Mr Li is a much-loved business superstar in Hongkong, a genuine rags-to-riches success in the former British colony.

The investment follows a series of high-profile stakes taken in Facebook in recent months. In October, Microsoft paid UA$240 million (A$272.5 million) for a 1.6 per cent chunk of Facebook.

Forbes magazine puts Mr Li’s personal fortune at about US$23 billion, making him the ninth wealthiest man in the world.

Mr Li and Microsoft’s investments value the privately-held Facebook at US$15 billion.

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