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March 27, 2008 12:39 PM PDT

Report: Hong Kong gazillionaire increases stake in Facebook

Posted by Caroline McCarthy

Li Ka-shing, the Hong Kong telecom mogul who invested $60 million in Facebook last year, has upped his stake to $100 million and may invest even more, MarketWatch reported Thursday.

Facebook was valued at an eyebrow-raising $15 billion when Microsoft purchased a 5 percent stake at $240 million.

According to MarketWatch, Li made the initial announcement during the earnings call for his company, Hutchison Whampoa. "Facebook is doing very well and we could have some synergy between the 3G services of Hutchison and Facebook, so the customers could use Facebook on mobile phones," Li reportedly said.

Among Li's other investments is peer-to-peer video start-up Joost.

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Add a Comment (Log in or register) 1 comment (Page 1 of 1)
lol! i can't resist....!
by bitbucket March 27, 2008 1:57 PM PDT
a rich guy like him needs to change his name to Li Cha-ching!
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  • About The Social

  • CNET News.com's Caroline McCarthy is a downtown Manhattanite who believes that, despite popular opinion, the Web can actually help your social life. She's happily addicted to fun social media tools from Twitter to Yelp to Facebook, sends an inordinate number of text messages, and has a tendency to waste time at the office reading restaurant blogs. Here, she explores all facets of the Web's gregarious side, as well as the unique tech culture in her home city of New York. (Don't call it Silicon Alley.)

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