Li: Facebook investment for the long term
Source: Bloomberg News |
August 3, 2012, Friday
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Print Edition
Print Edition
BILLIONAIRE Li Ka-shing's investment in Facebook Inc, owner of the world's largest online social network, will be for the "long term."
The Facebook shares, held through his foundation, were acquired at low cost, Li said at a press conference in Hong Kong yesterday, without elaborating. Facebook shares have dropped 45 percent since the IPO.
"Facebook already belongs to the fund, and the fund does not buy one day and sell the next day," Li said. "It looks at the long term."
Asia's richest man told reporters in 2008 that he had invested more than US$100 million in Facebook because it is a "good company with very big potential." The site would "complement" Hutchison's 3G business, he said at the time.
Hutchison, Li's biggest company, posted first-half profit that beat analysts' estimates.
The Facebook shares, held through his foundation, were acquired at low cost, Li said at a press conference in Hong Kong yesterday, without elaborating. Facebook shares have dropped 45 percent since the IPO.
"Facebook already belongs to the fund, and the fund does not buy one day and sell the next day," Li said. "It looks at the long term."
Asia's richest man told reporters in 2008 that he had invested more than US$100 million in Facebook because it is a "good company with very big potential." The site would "complement" Hutchison's 3G business, he said at the time.
Hutchison, Li's biggest company, posted first-half profit that beat analysts' estimates.
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