Microsoft Chief Executive Steve Ballmer defended his company's purchase of a 1.6 percent stake in social network Facebook for $240 million.
"We didn't make a mistake," Ballmer told reporters at a business conference in Mumbai. "The valuation of Facebook is still to be determined. Certainly today, it's very, very popular. So for a company like ours that wants to be a pre-eminent presence in this space, it's very important for us," Ballmer said.
On how much Facebook is worth Ballmer said, "Will Facebook be worth $5 billion, $15 billion or $50 billion some years down the line is really up to their team and how they take it forward," according to Reuters.
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Ballmer said last month that Microsoft was concentrating on making smaller purchases of $50 million to 1 billion annually instead of larger deals. When questioned about possibly acquiring Yahoo he said, "My answer is a considered 'no comment'. We want to succeed in the online advertising space. What happens with Yahoo, we'll all have to wait and see."
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