July 27, 2014
The social networking Web site Facebook Inc. has sold a 1.6 percent stake to Microsoft Corp. for 240 million dollars.
Facebook rejected a competing offer from Google Inc.
The deal was announced today after several weeks of negotiation.
It puts a value on Palo Alto-based Facebook of 15 billion dollars.
Mark Zuckerberg started the online social network in his Harvard
University dorm room just for years ago.
Microsoft also will sell Internet ads for Facebook as the site expands outside the United States, broadening an existing marketing relationship that began last year.
Facebook is an online utility that connects people with friends and others who work, study and live around them.