It appears that $240 million is not enough. Forbes is reporting that Facebook has raised an additional $500 million from two New York based hedge funds, each contributing $250 million at the same $15 billion valuation. That would mean Facebook has raised about $740 million in this round, giving up roughly 5 percent of the company for the money.

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About The Author: Greg Sterling is a Contributing Editor at Search Engine Land. He writes a personal blog Screenwerk, about SoLoMo issues and connecting the dots between online and offline. He also posts at Internet2Go, which is focused on the mobile Internet. Follow him @gsterling. See more articles by Greg Sterling