Chinese billionaire ups stake in Facebook

A Hong Kong-based entrepreneur has now invested a total of $120 million in the social networking site, Facebook.

According to reports on Reuters, billionaire Li Ka-shing has just negotiated a second $60 million investment with the website, bringing his stake to a 0.8% share.

However, Microsoft holds 1.6%.

The money comes from the Li Ka Shing Foundation, which was founded in 1980, and focuses on funding health, education and environmental projects.

Other companies backed by Li Ka-shing include Hutchison Whampoa Ltd and TOM Group.

Facebook is not commenting on the deal.