Russians Snapping Up Tech Companies

Russian company Digital Sky Technologies is setting its sights on Silicon Valley, planning to invest in dozens of well-known Internet companies. DST's highest-profile investment thus far has been in Facebook. The company purchased a 2 percent stake in the social networking site for $200 million, setting the price of all of Facebook at a jaw-dropping $10 billion. DST has also bought stakes in the company that created the online game FarmVille as well as AOL's messaging service. Says CEO Yuri Milner, "Every single industry will get disrupted by the Internet. This is permanent, not cyclical. Music will never be the same again, the newspaper business will never be the same again. No matter what happens macro-economically, the Internet will continue to change the world. I am investing in disruptive companies, that just happen to be Internet companies."