Wednesday, April 2, 2008

Google buys Facebook

In a move that stunned Silicon Valley, Google announced it will purchase popular social network Facebook in a cash and stock deal valued at $25 billion.

Google CEO Eric Schmidt and Facebook CEO Mark Zuckerberg held a hastily arranged press conference where they outlined the key elements of the agreement.

Technically, Zuckerberg explained, Google is purchasing 98.4 percent of Facebook, leaving Microsoft with 1.6 percent ownership.

“We feel this accurately reflects Microsoft's market share in the Web 2.0 economy,” Schmidt said.

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