Report: Palo Alto-Based Facebook Rejects Funding at $4B Valuation

Palo Alto, Calif. -- Facebook, the Palo Alto-based online social network, has turned down a funding offer that would have valued the company at $4 billion, VentureBeat reported. The blog, citing sources close to the company, said that the company rejected the money because "it doesn't need it," with more than $200 million in cash on hand. That contradicts a recent report in BusinessWeek that said Facebook needed to raise $100 million to pay for new equipment. Silicon Alley Insider, in fact, reported that the company values itself at closer to $5 billion, that its revenue is up 70% from a year ago and that it expects to cross over to cash-flow positive sometime next year.
http://venturebeat.com/2009/04/15/facebook-rejects-funding-at-4-billion-valuation-may-not-raise-more/
http://money.cnn.com/news/newsfeeds/siliconalley/big-tech/eyeing_ipo_facebook_board_rejects_funding_at_4_billion_valuation_2009_4.html