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The Spectacle Blog
This is absurd. And a disturbing symptom of cultural decay. Can a company whose main achievement has been to turn an entire nation into teenage girls (Would you be my friend, please? Can I see your pictures?), wasted billions of hours of what might have been productive time, and has otherwise produced absolutely nothing, possibly be worth $104 billion? That’s more than five times the value of all Major League Baseball teams combined.
We used to value companies that made serious stuff. (See General Motors in the city formerly known as Detroit. Or Ford, for those of us old enough to remember when the Mustang was hot.) Now we value a time frittering device invented by a guy who for formal occasions puts on a clean T-shirt.
Bah humbug.
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More Blog Posts by Larry Thornberry
http://spectator.org/blog/2012/05/17/virtual-value
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LiveFreeOrDie| 5.17.12 @ 5:37PM
This could be the biggest pump and dump in history...mark my words.
Occam's Tool| 5.17.12 @ 6:46PM
Not investing in it. No real competitive moat.
WB| 5.17.12 @ 6:50PM
Oh, certainly it will be the biggest pump and dump. Z'Berg will hang around for a couple of years pretending that he's generating revenue for the company, and then he'll vanish to the Dutch Antilles and only be seen annually for the Cannes Film Festival ...
Paul McGrath| 5.17.12 @ 7:32PM
Well, it's an advertising company, really. And, uhh, a very good one.
Skippy| 5.18.12 @ 2:45PM
Then why did GM cancel?
Clint| 5.17.12 @ 10:55PM
The Flippers Are Ready.
JimH| 5.18.12 @ 8:18AM
The price of something lies between what the seller will sell for and what a buyer will pay. The value of something is a philosophical question.
Mikecampbelly2k| 5.18.12 @ 11:29AM
I wager it's a six dollar stock this time next year......
m| 5.18.12 @ 11:37AM
It is not going to be a good investment. It won't be too long FB will be going broke and going out of business. FB is a social network thing.
Bob S| 5.19.12 @ 2:48AM
It's only valued so highly because it's a glorified advertising platform. When you have nearly a billion potential eyeballs on which you can push ads, you're gonna attract money.
What makes it even more absurd is that I read an article stating that advertising market analysts estimated the size of the advertising market in 2012 at $15 billion, with Facebook owning only 20% of that. That would amount to $3 billion, and they're valuing Facebook at $100 billion. THAT is absurd.
I guess no one learned anything from the dotcom bubble that occurred a little over a decade ago. It does not bode well for us at all. If we have such short memory with regards to online businesses, then members of Congress will have short memory with regards to the housing market and the subprime mortgage crisis will happen all over again.