Facebook down 86%

Hot on the heels of the news we gave you a while back that Facebook was failing to make any money, despite being by far and away the biggest social networking site out there, is new that shows that its value has dropped a staggering 86% since 2007.

Now this is second hand reporting, but according to Electric Pig, Michael Arrington of TechCrunch claims that an inside source involved in a fundraising deal with General Atlantic said that the firm is worth $2billion, down from the $15billion that Microsoft valued it at two years ago. Did you follow that?

All of which makes the financial situation at Facebook look a little bit dodgy, despite the site's growth (23% in the last month alone).

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