If you haven't heard of Facebook then you probably still have a pager clipped to a leather woven belt and have a mustache... get with the program. If you just have a mustache then you're OK.
Facebook is almost finished raising $150 million to buy out shares of hundreds of regular employees. Many of the employees have been at the company for years and want to get in on some of the projected value Facebook has created. Many of the employees were given several thousands of shares valued at less than a buck, but now investors are willing to pay around $10 for the shares... that's some serious cash.
According to sources famililar with the transaction, it will include the buying out of roughly 15 million common shares... that's where the $150 million figure comes from. That's chump change compared to the $1.3 billion it's been valued at in the past. However, it's still not a profitable company; that's supposed to come by 2010. Shouldn't you be making money before you get a big payday? This money for the employees seems a little premature...
Read more here.
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