Elevation Partners invested $120 million in Facebook shares

Elevation Partners purchased $120 million in Facebook stock from private shareholders, valuing the company at $23 billion, according to a person familiar with the matter, Reuters writes.

This stock buy is the second round of investments in Facebook made by Elevation, that reached to 1.5% stake in the largest internet social network.

Facebook’s backers include Digital Sky Technologies, Microsoft Corp Corp, Hong Kong tycoon Li Ka-shing and venture capital firms Accel Partners, Greylock Partners and Meritech Capital Partners.