Facebook valued at $50bn after latest investment

A MASSIVE investment by a major Wall Street bank into social networking site Facebook brings its value to $50bn (€37 billion), making it worth more than Time Warner, eBay and Yahoo.

The cash injection of $500 million from Goldman Sachs and Digital Sky Technologies into the site, which began in a Harvard dorm in 2004, is once again fuelling rumours that the company is about to go public.

Facebook’s founder, Mark Zuckerberg, named Time magazine’s person of the year 2010, stands to become one of the richest people on the planet in the new valuation of the company.