I agree. They are definitely not worth nothing. Based on the scraps of rumors flying around, I suspect tat if they put their heads down for a year & tried to p

I agree. They are definitely not worth nothing. Based on the scraps of rumors flying around, I suspect tat if they put their heads down for a year & tried to push down costs & revenues up they'd get somewhere. The company probably could be a profitable one. The question is how big it will be. Again from rumors, they now take in the 1/4b - $1/2b per year. Lets give them the benefit of a doubt & assume they can get to the bigger number and hold costs down so that the have make 10% profits. Let's also assume they're a growing company. No reason they shouldn't b. Revenues would probably continue to grow as (a) Advertisers will learn how to use Facebook properly. It will become more valuable to them & competition will drive the price up. Remember that early on most Adwords ads were snake oil salesmen paying 10c per click (b) Facebok improve the advertising platform. What is a company like that worth? I think less than $15bn. Maybe less than 4. At least everyone will stop talking about how much runway they have. I don't now nothin' about anti-dilution provisions or expectations investors have for all that capital. But I look at it this way: There is a viable business in there somewhere. maybe not one worth $15bn. But probably one worth more than $375m (the amount of investment they have taken). So I know. I know. I'm not accounting for risk. Previous valuation. I'm not accounting for the founders & early stage investors getting very rich. But where is the rule that the founder of a $2bn company gets to keep half or a quarter of that? If it takes some founders, $375, some risk & some luck to make a $2bn company, it should get built.