Friendster sold for a song

The announcement that Friendster was sold to Malaysian conglomerate MOL last week included speculation that the social networking giant garnered $100 million (€68m )in the transaction.

However details have emerged that the figure was closer to just $30 million, according to TechCruch.

While valuations of the company placed the asset somewhere between $98 and $273 million, Techcrunch’s sources claim it settled for just $39.5 million.

The final take home amount ncluded 13 million in deductiosn including; $3.7 million in secured debt; a $2.1 million sale bonus for Friendster CEO Richard Kimber and $3.4 million to Morgan Stanley and other third parties.

Shareholders may not be pleased with the final outcome as the company’s last venture capital round, over a year ago was $20 million and back in 2003 the social networker rejected a $30 million takeover from Google.