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March 28, 2006, 12:26 PM ET
Facebook Is on the Block
Facebook has already turned its creators, a group of students from Harvard University, into minor celebrities on campuses across the country. 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. News Corporation, Rupert Murdoch's media conglomerate, bought MySpace, a similar Web site, in November for $580-million. And the hype over online social networking has only increased in the past several months. (BusinessWeek)
For more on Facebook, see an article from The Chronicle by Brock Read.
Categories: Company-Watch, Student-Life
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