Facebook received its first investment of US$500,000 in June 2004 from PayPal co-founder Peter Thiel in an angel round.[15] This was followed a year later by $12.8 million in venture capital from Accel Partners, and then $25 million more from Greylock Partners and Meritech Capital Partners.[15][16] It was discovered that during the 2005 fiscal year, Facebook had a net loss of $3.63 million.[17] Microsoft approached Facebook in September 2007, proposing an investment in return for a 5% stake in the company. Microsoft would pay an estimated $300–500 million for the share.[18] Microsoft announced on October 24, 2007 it had bought a 1.6% share of Facebook for $246 million.[19][20][21][22] On November 30, 2007, Hong Kong billionaire Li Ka-shing invested $60 million in Facebook.[23]