Facebook: $10 Billion Social Network?

The hugely popular site seeks funding at a jumbo valuation, and Microsoft is nibbling. Yahoo and Google could be craving a piece as well

For Mark Zuckerberg, it has to be hard not to gloat. When the 23-year-old turned down Yahoo's (YHOO) $1 billion offer for his social networking Web site Facebook, some Silicon Valley veterans openly questioned his sense. Was Zuckerberg really that egotistical—or childish—to think a site where kids post photos and shoutouts was really worth a third of, say, the New York Times Co. (NYT)? But now Facebook is seeking investment that would value the company at around $10 billion—more than twice the market cap of the Times.

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