• July 13, 2009

With a Facebook IPO not looking imminent, employees of the world’s biggest social network now have another way to cash out. Digital Sky Technologies, the Russian investment firm which in May invested $200 million in Facebook, is offering to buy up to $100 million in common stock at a valuation of $6.5 billion, or $14.77 a share.

That’s less than the $10 billion valuation placed on Facebook when it bought its 1.96% share in the company. That deal was for preferred, rather than common stock, however. DST is following on through on the employee stock repurchase agreement it announced with Facebook at the time of its initial investment.

Facebook executives don’t qualify for the program, but most current and former employees are eligible. The company wound up delaying its stock-repurchase program late last year because of deteriorating economic conditions. If the DST offer is fully subscribed , it would give the firm a 3.5% stake in Facebook. Employees have about a month to take advantage of the program. --Mark Walsh