Zuckerberg Saves Face From Yahoo

Written by Rachel Weisbach. Posted in Business, Technology

Zuckerberg Saves Face From Yahoo

Published on December 17, 2006 with No Comments

Mark ZuckerbergMark Zuckerberg, founder and major owner of student social networking site Facebook has turned down a potential $1.6bn offer from Yahoo to acquire his popular online destination.

The 22-year-old said no to Yahoo’s initial $1bn bid, but according to Britain’s Sunday Times, Yahoo was prepared to up its offer to $1.6bn. According to reports, Zuckerberg owns around 30% of the company.

Initially launched for Harvard students in 2004 where Zuckerberg was studying before dropping out, Facebook has expanded to cover other universities as well as other social networking places including work and now claims 13m users in America.

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