Yesterday’s announcement that Microsoft (NSDQ: MSFT) had taken a stake in Facebook left open the possibility that the social network might raise more money in this round, as we mentioned in the post then. Since then, there’s been rumors and reports that the extra cash could come from hedge funds. Forbes reporter Elizabeth Corcoran claimed as such today, as did Dan Lyons (AKA Fake Steve Jobs). Take the latter for what you will.

Now the WSJ is reporting that Facebook is looking for another $250 million or so from hedge funds at the same valuation as Microsoft, though it says no deals have been signed. That would then bring the raise in this round to around $500 million, if it happens. Of course, Microsoft’s investment at this valuation has been justified because of the potential boost to its own advertising operations. Obviously the same doesn’t apply to a hedge fund.

• Microsoft Gets Facebook Stake; $240 M For 1.6%; $15B Valuation; More Money May Come From Others