Facebook Value Declines to $93 Billion in SharesPost Auction Ahead of IPO

Facebook Inc.’s implied value dropped 5 percent to about $93 billion in the auction of a fund that holds shares of the social-networking company’s stock.

The sale yesterday set a price of $40 apiece for 125,000 units of the fund, according to an e-mailed statement from SharesPost Inc., which managed the auction. A Feb. 14 fund auction valued Facebook at about $98 billion.

Facebook, which filed for an initial public offering on Feb. 1, is said to seek a valuation of as high as $100 billion. The implied valuation based on private-market transactions may change depending on the actual share count after the IPO.

Jonathan Thaw, a spokesman for Menlo Park, California-based Facebook, declined to comment on the auction.

San Bruno, California-based SharesPost, which lets investors trade shares of companies before they go public, estimates Facebook has 2.33 billion shares outstanding, including stock tied to options that may be issued.

To contact the reporter on this story: Douglas Macmillan in San Francisco at dmacmillan3@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

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