group buying

Tech News from around the web:

  • The value of Facebook is the subject of two news items on the web today. The New York Post is reporting that representatives of a co-founder of the social network – which could be either Mark Zuckerberg, Chris Hughes, Dustin Moskovitz or Eduardo Saverin – have approached a Wall St dealmaker about selling up to 10m shares of common stock. Meanwhile, according to CNBC, Facebook is now worth $65bn after General Atlantic, an investment company, was named as a purchaser of one tenth of one percent of Facebook.

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David Gelles

In another validation of the suddenly hot collective buying trend, LivingSocial has landed $25m in Series B funding from a group of investors including US Venture Partners and Steve Case’s Revolution, LLC. But even with new money backing several similar companies, it is still unclear if the latest thing in e-commerce will last for long.

LivingSocial got started as developer of Facebook applications and launched the hugely successful Pick 5 app. But the company seems to have developed a real business with it’s LivingSocial Deals, which offers a deep discount at one restaurant or local business each day to users in a dozen cities. Read more