Los Angeles - Following the announcement yesterday that Microsoft paid $240 million to acquire a 1.6% stake in the online social network Facebook, Forbes.com is reporting that Facebook is set to receive another $500 million in investments, in the form of $250 million investments from each of two New York-based hedge funds.

The investments would reportedly be made with the same $15 billion valuation of Facebook used for Microsoft's investment.

So far, neither Forbes.com nor others that have picked up the story on the investments have been able to confirm them with Facebook.

Related Links:
http://blogs.forbes.com/meetblog/2007/10/facebook-making.html

http://fakesteve.blogspot.com/2007/10/oh-snap-faceberg-raises-another-500.html

http://tinyurl.com/23lskv (DMW previous coverage)

http://www.facebook.com