At the end of May 2009, while Neil Shen was cementing his leadership over Sequoia China and Kleiner Perkins was grappling with its struggling cleantech bets, Milner and Zuckerberg concluded their negotiations. Milner’s investment company, DST, bought $200 million worth of company-issued primary stock in exchange for a 1.96 percent stake, giving Zuckerberg the $10 billion pre-money valuation that he wanted. At the same time, DST arranged to purchase secondary employee stock at a lower valuation of $6.5 billion. The employees’ desire for cash outweighed any misgivings they felt about the price
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