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!
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