Facebook raises $1bn from Goldman clients

Facebook has raised another $1bn, on top of the $450m injected earlier this month by Goldman Sachs, completing a controversial fundraising deal that values the social networking giant at $50bn.

Goldman collected the extra cash from wealthy clients eager to snag a piece of the company before the rest of the public get a chance when it floats on the stock market, probably next year.

Facebook said Goldman could have raised even more – and the bank had originally promised to raise $1.5bn – but the company decided it did not want the money.