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Edition: U.S. Article Comments (1) Facebook Exclusive: Facebook investors look for exits Facebook jumps into crowded coupon market Is Facebook making another talent acquisition? Video: Valuing Unlisted Securities: Facebook Facebook scam warning pages under fire Follow Reuters Facebook Twitter RSS YouTube Read Exclusive: Facebook investors look for exits 9:23am EDT Storms knock out TVA nuclear units, power lines 27 Apr 2011 Tornadoes and storms rip through South, more than 220 dead | 11:40am EDT Honolulu has best air in U.S., Los Angeles and others the worst: report 5:47am EDT William and Kate "deeply touched" by well-wishers | 8:50am EDT Discussed 150 Texas governor calls for prayers for rain 139 Obama sees no magic bullet to push down gas prices 93 White House releases longer Obama birth certificate Watched Fire ants form rafts to defy floods Tue, Apr 26 2011 Nokia announces layoffs, outsourcing Wed, Apr 27 2011 Simon the robot requests your attention Tue, Apr 26 2011 Exclusive: Facebook investors look for exits Tweet Share this By Lauren Tara LaCapra and Jennifer Saba NEW YORK (Reuters) - A group of Facebook shareholders is seeking to offload $1 billion worth of shares on the secondary market, a sale that would value the company at more than $70 billion, according to five... Email Print Related News EXCLUSIVE-Facebook investors look for exits Wed, Apr 27 2011 J&J to buy device maker Synthes for over $21 billion Wed, Apr 27 2011 Ford posts best first-quarter profit in 13 years Tue, Apr 26 2011 Lawson Software to go private in $2 billion deal Tue, Apr 26 2011 Morgan Stanley trading turnaround makes progress Thu, Apr 21 2011 Analysis & Opinion Tech wrap: Sony admits PlayStation Network privacy breach Facebook scam warning pages under fire Related Topics Technology » Deals » Global Deals Data 2011 Q1 » Personal Finance » Inflows Outflows » Media » Facebook » Stocks Facebook Founder & Chief Executive Officer Mark Zuckerberg, launches Facebook's ''open compute program'' at Facebook's headquarters in Palo Alto, California April 7, 2011. Credit: Reuters/Norbert von der Groeben By Lauren Tara LaCapra and Jennifer Saba NEW YORK | Thu Apr 28, 2011 9:23am EDT NEW YORK (Reuters) - A group of Facebook shareholders is seeking to offload $1 billion worth of shares on the secondary market, a sale that would value the company at more than $70 billion, according to five sources with direct knowledge of the situation. It would represent one of the largest transactions of Facebook shares to date and points to a growing wariness among early-stage investors and employees who fear Facebook's growth cannot keep pace with its market valuation. The sellers have lowered their price after previously trying to offload shares at a price that valued the company at $90 billion, which would make Facebook more valuable than Time Warner Inc and News Corp combined. But buyers balked. "At the current valuation where it is, it is really hard to justify the investment," said Sumeet Jain, partner at venture capital firm CMEA Capital, who has examined Facebook deals recently and has taken a pass. "It's hard to imagine it will turn into a $270 billion company in the next few years." The current deal, which includes stock held by Facebook employees, is awaiting approval from top Facebook executives including Chief Executive Mark Zuckerberg and Chief Financial Officer David Ebersman, according to two sources. Facebook declined to comment. Investors, ranging from venture capital firms to rich individuals to investment banks, have scrambled to get a piece of the privately held company before its expected IPO next year. Facebook raised $500 million from Goldman Sachs Group, and Russia's Digital Sky Technologies, for instance, giving it a market value of $50 billion. Weeks later, private equity firm General Atlantic piled into the company, valuing it at $65 billion, according to CNBC. Tim Draper, the well known venture capital partner who founded Draper Fisher Jurvetson, told Reuters this month he recently looked at buying shares of Facebook deals, but passed because of an unattractive valuation. One wealthy person, who has fielded calls for the past month involving Facebook pitches in the range of $200 million to $1 billion, is also sitting on the sidelines. "It's priced to perfection in the private marketplace," said the person, who did not want to be named. The person said the pitches implied a valuation of $90 billion. "I don't like to own anything I can't sell right now." Created in a Harvard University dorm room in 2004, Facebook rocketed from an online directory created for college students to the world's No. 1 social network with more than 500 million members worldwide. The company's astounding growth and popularity have put some of the Internet's biggest guns on notice -- including Google Inc -- and have made it the darling of investors seeking to stake out claims in private companies before they go public. Facebook, the world's No. 1 Internet social network, earned $355 million in net income in the first nine months of 2010 on revenue of $1.2 billion. It is one of a handful of Internet companies including Twitter, Groupon and Zynga whose soaring valuations recall the heady days of the late 1990s. It is questionable whether new investors would realize the exponential growth that early-stage investors got in Facebook, said Oppenheimer & Co managing director Stephen Todd Walker. That's particularly true, he said, as the company faces more competition abroad from social networking sites like China's Renren Inc, which is expected to go public next week. "For Facebook, the larger you get, the harder it is to have that explosive growth," said Walker. Nonetheless, an array of investors has piled into Facebook. Mutual fund giant T. Rowe Price recently disclosed that several of its funds owned stakes in Facebook, valuing the company at $25 per share, which implies a valuation of $50 billion. Yet one hedge fund manager who passed on smaller Facebook deals recently said that, for him, the opportunity to get in on the action had passed. "By the time T. Rowe Price is investing," he said, "you know it's too late." (Additional reporting by Alexei Oreskovic in San Francisco; Editing by Kenneth Li, Steve Orlofsky and Robert MacMillan) Technology Deals Global Deals Data 2011 Q1 Personal Finance Inflows Outflows Media Facebook Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (1) skeeteril wrote: It would be soooooo sweet to see all the curent “investors” get stuck with all those amazing shares. You gotta hand it to the devil himself, Goldman Suchs, for even getting things like mayonnaise and detergent onto facebook so folks can see it’s logo on TV and advertising. Unbelievable! Apr 28, 2011 10:18am EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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