Facebook drops $11bn in value
US court papers have told us what we already know Facebook is not worth $15bn. Papers released today confirm the social networking site to be worth $3.5bn. Microsoft who valued the business at $15bn when they made thier $240million investment for 1.6%.
The owners of ConnectU have accused Facebook boss Mark Zuckerberg of stealing their idea, and in March, the two firms reached a secret agreement involving cash and shares. But ConnectU later backed out of the deal, claiming it was unenforceable, and Facebook turned back to the legal system.
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