| Kippreport.com

Facebook fishing for Dubai’s money?

November 4, 2008 12:45 by kippreport

Rumor has it that the latest to come scourging for Dubai’s money is social networking site Facebook. The company’s heads are supposedly trying to persuade Dubai International Capital (DIC) to provide funds in order to keep Facebook afloat.

However, the notion that Facebook may not be doing well seems absurd. The company raised $240 million from Microsoft in 2007, and another $235 million in debt and equity this year. But these numbers haven’t been able to appease the rising costs, says Tech Crunch.

The site is growing rapidly, and Tech Crunch says that it is spending over a $1 million per month on electricity alone.

So, if the rumors are to be believed, and Facebook has actually come to town to ask for funds, what is the possibility of DIC obliging it?

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Tags: Banking & Finance, DIC, dubai business, Facebook, investment, Money