Why I 'like' Facebook, but can't use it: Langone

Billionaire entrepreneur Ken Langone told CNBC on Thursday that he likes Facebook stock.

"Believe it or not, I'm getting pretty excited about Facebook," revealed the co-founder of Home Depot. "I think they're demonstrating traction and revenue growth in terms of advertising."

In a "Squawk Box" interview, Langone said he started buying Facebook last week, but he's not on the social network. "I'm not on Facebook because I wouldn't know what to do if I got on it."

Langone is also the founder and CEO of Invemed Associates, an investment company specializing in health-care and technology opportunities.

He's a board member of Geeknet, which owns and operates ThinkGeek, an online retailer of products like "Star Trek" apparel, "Star Wars" headphones and all kinds of action figures.

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—By CNBC's Matthew J. Belvedere.