Russian VC Digital Sky has put $200m into Facebook preference shares valuing the social net at a nominal $10bn, down from the $15bn represented by Microsoft's investment 18 months ago, but, considering market conditions and the fact Facebook won't breakeven until next year at the earliest, still very high.

Both sides also claimed that –despite cash burn – Facebook doesn't need the money but said 'optionality' was an advantage if investment opportunities came along.

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