A small stake of 225,000 shares of Facebook has been acquired by Investment fund GSV Capital at the rate of $29.28 per share, valuing the social networking site at about $70bn.
With the new valuation of Facebook at $70bn, it would be marginally below than HP, Amazon.com and Cisco Systems.
GSV Capital has paid nearly $6.6m for the purchase, which amounts to approximately 15% of its total portfolio.
Latest data from secondary market company Sharepost has indicated that Facebook has roughly 2.4 billion outstanding shares.
Without specifying the exact date, the company said that it will become public firm, which it says is inevitable.
The global social networking site is giving strong competition to stalwarts like Google and Yahoo.
Reuter quoted eMarketer reports as saying that Facebook is likely to overtake Yahoo for the biggest share of US online display advertising market this year, with more than $2bn.
