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 Milner offered. So DST ended up buying well over $100 million of the cheaper shares, pushing the blended valuation to $8.6 billion.
