Social-networking phenom Facebook has a new investor. Hong Kong tycoon Li Ka-shing now owns 0.4% of the operation, in exchange for a $60 million wad of cash. The price is consistent with the terms of Microsoft's
The very aptly named Ka-shing is one of the 10 richest men in the world, according to Forbes -- not far behind Microsoft chairman and founder Bill Gates. He worked his way up through plastic flowers and real estate, and now controls a keiretsu-style conglomerate with its fingers in nearly every piece of the Hong Kong pie. He's also a well-known philanthropist, with a frugal lifestyle that invites comparison to the Oracle of Omaha, Berkshire Hathaway's
So is this another one of Mr. Ka-shing's soon-to-be-famous business moves, or an act of corporate philanthropy? Time will tell, but Facebook certainly has the look of a hungry young success story. News Corp.
Then again, Murdoch thinks he could turn around and sell MySpace for upwards of $12 billion today. But before you start thinking that there are no losers in this game, consider the failure of Google
Facebook has deep-pocketed backing now, and it's starting to figure out how to make some money of its own. So will somebody like Microsoft or Yahoo!
Ponder the online intelligence level with us:
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Fool contributor Anders Bylund is a Google shareholder and an avid user of nearly every service mentioned -- except Orkut. He holds no other position in any of the companies discussed here. The Motley Fool owns shares of Berkshire Hathaway. You can check out Anders' holdings if you like, and Foolish disclosure is always a smart move.