George Soros is Facebook's friend for $10.6m
George Soros, the legendary investor, has spent more than $10m (£6.3m) acquiring a stake in Facebook, signalling a rare vote of confidence in the social-networking site after its troubled flotation in May.
The billionaire, who led a run on the pound in 1992, purchased 341,000 of the social network's shares – worth $10.6m – in the second quarter, it emerged yesterday. But the share price of Facebook, which was co-founded by its chief executive, Mark Zuckerberg, has dropped by more than a third since Mr Soros bought the stake.
Indeed, the company's value has nearly halved since it floated at $38 three months ago, driven by investors questioning its long-term prospects. The share price could come under yet more pressure after a lock-up agreement preventing employees and early investors selling their shares expires today.
- 1 What happens to your body when you give up sugar?
- 2 Have sex with your iPad thanks to the new sex toy no-one asked for
- 3 The 'sex selfie stick' lets you FaceTime the inside of a vagina
- 4 Why you're almost certainly more like your father than your mother
- 5 Westboro Baptist Church couldn't picket Leonard Nimoy's funeral because they didn't know where it was
Mark Zuckerberg: Facebook CEO's one simple test for who to hire
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Saudi Arabia executions now at 'unprecedented rate' after kingdom kills four more in two days
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...