PALO ALTO, CA – Elevation Partners has invested  $120 million in Facebook stock, according to TechCrunch.

The report says Elevation purchased an additonal 5 million shares for $120 million on the secondary market.

Seven months ago, Elevation bought 2.5 million shares for $90 million.

Some reports suggest this may quell rumors about a looming Facebook IPO.

Recent reports pegged the social network’s profits at $800 million last year, a tidy sum by any reckoning.

Despite the fracas over privacy issues and the company’s messing with its interface, Facebook continues to grow, something evident to any regular users. We see new people signing up everyday, although we have noticed that less than a tenth of our rural high school graduating class has thus far become members.

Contact Tech Journal South Editor and writer Allan Maurer: Allan at TechJournalSouth dot com.

Related Stories:

• Just a beginning? Facebook finally files for IPO
• Mobile phones driving revenue growth for major digital stocks
• Russian investors values Facebook at about $6.5B
• Second Market, which sells shares in private firms, nabs $15M
• Winklevoss twins not giving up on Facebook legal dispute after all

© 2010, TechJournal. All rights reserved.

Tags: Elevation Partners, facebook, financing, Internet/New Media