Venture Beat reports that Facebook has nearly finished raising $150 million. They say part of the money is being used to buy out employees' shares in the company.
Hundreds of the Palo Alto, Calif.'s employees have now toiled at the company for more than two years, and many have worked three to five years. Increasingly, some have become restless, and would like to cash in on the huge value they've created. Most employees were awarded several thousands of shares valued at far less than a dollar each. Now, by selling to those shares investors for a private market value of $10 each, employees can enjoy a nice windfall. According to our sources, the transaction will include the buying out of roughly 15 million common shares - thus equaling around $150 million total value.
Facebook declined comment on the financing.
Silicon Alley Insider has a good summary of the employee stock buy back. It sounds like a good payday for loyal Facebook employees.
Venture Beat 
