Facebook Worth $3.7 Billion (Not $15 Billion)
By Anna Johnson on February 13th, 2009Court documents uncovered by the Associated Press reveal that Facebook has valued itself at $3.7 billion, significantly below the $15 billion market value implied by a 2007 investment made by Microsoft Corporation.
The valuation information was uncovered by the Associated Press as it poked around court documents from the dispute between ConnectU and Facebook over who invented the idea for Facebook.
Meanwhile, the former law firm of ConnectU, Quinn Emanuel Urquhart Oliver & Hedges, published the fact that they’d won a $65 million settlement on behalf of their clients in the firm’s January litigation newsletter.
Ironically, ConnectU fired Quinn Emanuel last year, and the two sides are battling over the firm’s claim for a $13 million contingency fee.
Look like its embarrassment all round.
Source: Michael Liedtke, “Facebook appraisal pegs company’s value at $3.7B,” February 11, 2009, SF Gate
