Facebook Raises Another $1.5 Billion

Facebook is planning to go public no later than April 30, 2012, according to a report.

The news comes on the heels of the Palo Alto-based social networking site raising another $1.5 billion at a valuation of about $50 billion.

The latest round of funding came from Goldman Sachs and its overseas clients. Goldman Sachs and Russia-based Digital Sky Technologies invested $500 million in Facebook in December.

Facebook sent a press release Friday saying it expected to pass 500 shareholders, which would require the company to begin filling public reports with the Securities and Exchange Commission.

The social networking site said it had no immediate plans about what it would do with the money.

Contact Us