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Facebook is taking that rumored $200 million investment from Digital Sky Technologies, a Russian investment group. DST will take a 1.96 percent stake in the company, giving Facebook a $10 billion valuation. Facebook ultimately did not have to give up a board seat to DST in return for the cash. But DST is getting preferred shares for it’s $200 million.
Despite recent public statements from COO Sheryl Sandberg saying that Facebook does not need the money, it can certainly use the cash to fund its growing operations, including bandwidth, storage, and engineering costs.