I. Doubts linger about Facebook’s ability to be a business. Financial markets had also cratered since the Microsoft deal.
II. Big, as that is, it’s considerably less than the $15 billion valuation that Microsoft and Li Ka-shing accepted in October 2007.
III. Milner’s confidence that Facebook will eventually be profitable at a gigantic scale is what emboldened him to invest initially at a price that valued the company at $10 billion.
IV. But Milner’s enthusiasm is such that not only did he buy stock from Facebook, he will also be spending as much as $300 million more buying stock from employees and outside investors