Microsoft just bought a small stake in Facebook for $240 million (more than Facebook's 2006 revenues, which is interesting) on a $15 billion valuation. Kevin Johnson, president of Microsoft's Platform and Services Division, sent this e-mail to all Microsofties explaining why this was such a coup:
From: Steve Ballmer [Email excised]
Sent: 25 October 2007 02:28
To: Kevin Johnson; Microsoft - All Employees (QBDG)
Subject: RE: Facebook Partnership
Great job you really pulled this together unbelievably
From: Kevin Johnson
Sent: Wednesday, October 24, 2007 2:04 PM
To: Microsoft - All Employees (QBDG)
Subject: Facebook Partnership
Today, we announced a global expansion of our advertising syndication partnership with Facebook.
This deal is a major advertising syndication win for Microsoft and an enormous vote of confidence from our largest advertising partner. As we continue to grow our share of the global online advertising opportunity - currently worth $40 billion and growing rapidly - increasing the volume of advertising on our platform through partnerships like this is key to our success.
Today, we also announced an equity investment in Facebook which represents the depth of the partnership between the two companies.
Today's announcement is significant for a number of reasons[...]
Microsoft, Facebook, Social Media, Social Networking