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Facebook Raises $60 Million From Hong Kong Billionaire

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Facebook Inc. has raised $60 million from Hong Kong billionaire Li Ka-shing, adding to the list of financial heavyweights backing the online hangout's rapid growth.

Li, 79, will receive a 0.4 percent stake in Palo Alto-based Facebook in return for his investment, according to a person familiar with the matter who requested anonymity because the person wasn't authorized to speak publicly.