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Facebook 'raises £320m investment'

Social networking site Facebook has reportedly raised 500 million US dollars (£321 million) from Goldman Sachs and a Russian investment firm in a deal that values the company at 50 billion US dollars (£32 billion).

The New York Times reported online that Goldman has invested 450 million US dollars (£289 million) and Digital Sky Technologies has invested 50 million US dollars (£32 million).

The report said representatives for Facebook, Goldman and Digital Sky Technologies declined to comment.

The US Securities and Exchange Commission is reportedly looking into the booming trade in privately held shares of popular social networking sites because companies with 500 shareholders must disclose certain financial information to the public, even if they have not filed for an initial public offering.

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From Belfast Telegraph