Facebook Could Be Worth $60 Billion 'at Some Point': Evercore Exec


Facebookis “probably not worth $60 billion today,” but it could be “at some point,” Michael J. Price, senior managing director of the investment consulting firm Evercore Partners, told CNBC Wednesday.

”My own personal investment opinion is that these companies [such as Facebook, Zynga and Groupon] are ahead of themselves relative to valuation,” added Price. He added that the “point in time” for Facebook could be a year from now.

Facebook, the popular social networking site, raised $500 million from Goldman Sachs earlier this year. A Russian investor values the company at $50 billion, while others have put the valuation $10 billion higher.

Price said that while some of the most popular social networking companies likely don’t warrant the valuations they’ve been given, that “people are discounting it and bid away the returns for the next couple of years.

Price also said that new tech companies today are different from those some 10, 11 years ago, in which startups abounded and created the tech bubble.

“These are real companies [today],” added Price. “You can argue about their valuations, but 10 years ago, we had a lot of companies that weren’t real, such as Webvan—things that just disappeared."

Salesforce is never going to disappear. It may not be valued at this rate,” he said. “Facebook is not going to disappear.”

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