Saudi King to buy Facebook to end revolt


In what is being termed as pure Wall Street Gordon Gecko tactics, King Abdullah of Saudi Arabia has decided to make an offer of $150 billion to buy out Facebook.

Inside sources within the kingdom suggest that the King is very upset with Mark Zuckerberg for allowing the revolt to get out of control, Ahlul Bayt News Agency reported.

In a personal meeting between Mark Zuckerberg and King Abdullah on Jan 25, 2011, Zuckerberg had promised that he would not allow any revolt pages to be formed on Facebook even while he allowed Egypt and Libya revolt pages to be formed.

Left with no option, Abdullah advised by Goldman Sachs has decided to buy out Facebook and “clean out the weeds”. The offer on the table is $150 billion, in line with an investment banking mandate from Goldman Sachs. The deal will be fully paid for in cash.

Most analysts believe that Zuckerberg will not take the offer and will wait for King Abdullah to up the offer to at least $300 billion.

In another development, minister of Municipal and Rural Affairs Prince Mansour bin Miteb said the government is striving to make affordable housing plots available for citizens.

“The Ministry of Municipal and Rural Affairs has allocated 130 plots for the General Housing Authority,” said Prince Mansour, adding that the task of making land cheaper needs the efforts of many government departments.

The prince said the housing authority, which has many plots of land left over from older allocations, will strive to provide houses to as many citizens as possible in all provinces. He added that a few housing projects were implemented in an unscientific manner and had to be redesigned.

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