China plans to buy $1.2 billion Facebook stocks

A state-owned fund in China is reportedly interested in buying a stake in social network Facebook, said a media report. According to the website Business Insider, China wants an investment in Facebook 'large enough to matter'.

Facebook recently sold 225,000 shares, worth about $US6.6 million ($6.2 million), to the GSV Capital Corporation investment fund and added Reed Hastings, Netflix's chairman and chief executive, to its board of directors.

Three months ago, there was a rumor that Facebook was entering China with help from Baidu which was quickly countered with another one saying that Facebook had not signed a deal in China.

Read more -here-

• Disney sues Sling TV over new short-term TV passes
• Chipolo launches its first rechargeable Bluetooth trackers
• Spotify launches in-app messaging
• Waymo can now test its self-driving vehicles in New York City
• The US government is taking a 10 percent stake in Intel
• Google is selling a version of Gemini for government agencies