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Facebook believed to be worth $70 billion

A man points to the Facebook login screen in this undated file photo.

June 28, 2011 12:00:00 AM PDT
Facebook is now believed to be valued at $70 billion.

That estimate was made by analysts after GSV, a publicly traded investment firm, announced that it's invested more than $6.6 million in the site.

Shares of GSV shot up 41 percent on the news.

Facebook, which is a privately held company, has not commented on the report.

The social networking site is expected to go public next year.