Facebook CEO Mark Zuckerberg considered making an investment in Xiaomi ahead of the Chinese smartphone maker's $1 billion funding round last month, according to Reuters.
The investment, which Zuckerberg discussed with Xiaomi CEO Lei Jun during a private dinner in Beijing last month, was expected to hold international benefits for both companies but never materialized, according to Reuters, which cited unidentified sources.
The investment was expected to expand the international brand recognition of Xiaomi, which is tops in China but has overseas ambitions. Xiaomi has been on a tear of late, vaulting into the No. 3 position among global smartphone makers by selling low-cost smartphones and tablets aimed at budget-conscious customers in markets such as China, Indonesia and India. The 4-year-old company became the world's most valuable venture-backed startup last month when it secured $1.1 billion in venture capital funding, giving it a valuation of $45 billion.
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