Facebook has already turned its creators, a group of students from Harvard University, into minor celebrities on campuses across the country (The Chronicle, May 28, 2004). Now the popular social-networking site may make those students into very rich young men.
The site—already one of the Web’s most heavily trafficked destinations—is putting itself up for sale, and it is expected to attract big-name suitors, reports BusinessWeek. Facebook’s creators have already turned down a $750-million offer from an unnamed bidder, and they are hoping to rake in as much as $2-billion.
That may sound aspirant, but it is not inconceivable. The News Corporation, Rupert Murdoch’s media conglomerate, bought MySpace.com, a similar Web site, in November for $580-million. And the hype over online social networking has only increased in the past several months.
