After raising $240 million from Microsoft, the social networking site Facebook expects to raise a further $260 million from hedge funds and private-equity investors, according to the Wall Street Journal. The cash will be used to fund an international expansion and a new ad revenue system. The investment would put the value of Facebook at $15 billion.
Microsoft becomes the exclusive broker of display ads on international versions of Facebook. Meanwhile, Facebook is developing a system of its own that will target individual users based on personal information. "We have a good working relationship and are excited about the future," a Microsoft spokesman said. "We'll both continue to evolve ad products."