Facebook creator turns down $1.6 billon offer from Yahoo

"Yahoo!’s $1.6 billion valuation of Facebook assumed that its rapid growth would continue until 2015, according to documents leaked to TechCrunch, a Silicon Valley blog.

Yahoo!’s projections suggested that Facebook would grow to have 52.5m registered users in America by 2015, or 60% of students and young adults using the internet there. It assumed a boom in advertising which would eventually enable Facebook to generate annual profits of $1 billion. Yet its revenues at present are modest and its audience could evaporate if new rivals emerge."

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