Elevation Partners Buy $120m In Facebook Shares

Private equity firm Elevation Partners has purchased $120 million worth of shares in social networking platform Facebook, valuing the company at $23 billion.

Elevation Partners had previously acquired shares in the company worth $90 million in November last year, based on an earlier valuation of $9 billion.

Speaking to the Wall Street journal, a company spokesperson said: "Facebook is a private company, and we don't typically disclose financials or comment on our valuation. We're focused on building our business to be successful over the long term."

Citing sources familiar with the investment, The Wall Street Journal reports that the company decided to increase its investment in the social networking platform because of the company's exceptional growth rate over the past year.

Elevation Partners join Digital Sky Technologies, Microsoft Corp Corp, Hong Kong tycoon Li Ka-shing and venture capital firms Accel Partners, Greylock Partners and Meritech Capital Partners as backers for the social network.

News of the investment was first reported by tech blog TechCrunch.