Nope 2.8b is total shares outstanding. $38*2.8b or roughly 100b ~= facebooks current valuation. That said, I'm pretty sure the volume info included the offering

Nope 2.8b is total shares outstanding. $38*2.8b or roughly 100b ~= facebooks current valuation. That said, I'm pretty sure the volume info included the offering of 10% of the company.