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> It does justify the valuation it has now though.

At $40bn, I dunno. FB's revenue & profits are pretty close to Yahoo's, whose market cap is at $20bn (though much of that is in assets).

So, just guesstimating here, with no growth FB can probably justify a $15bn value. Anything on top of that is a bet that they'll find some other way to grow the company. Certainly possible.



Doesn't FB have like $15 billion in cash?



What proportion of that was raised by the IPO?

I see 421 million shares @ $38 ~ $16 billion, but presumably some of those were investor stock, not company stock.

http://en.wikipedia.org/wiki/Facebook_IPO




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