Russian Investment Values Facebook at $10 Billion

Man, who’d have thought that getting real time updates on what all your worthless, average idiot friends had for dinner, or seeing pictures of what other bourgeois morons they were hanging out with last weekend would be worth so much fucking money?

Facebook is getting a $200 million investment from a Russian Internet investor that values the social networking company at $10 billion even though it has yet to turn a profit.
The investment gives Digital Sky Technologies a nearly 2 percent stake in Palo Alto, Calif.-based Facebook’s preferred stock. Digital Sky won’t get a board seat.
The $10 billion valuation for Facebook is less than the $15 billion value implied in 2007, when Microsoft spent $240 million for a 1.6 percent stake in the company — even though Facebook has substantially grown since then. However Facebook’s own appraisal after the Microsoft deal gave the company a market value of about $3.7 billion, according to details revealed in a legal settlement.

And the Facebook hyperbole doesn’t in there. An AP story over the weekend ran with the somewhat mystifying title “Google increasingly battles Facebook in search.” The story of course went on to talk about basically every other shitty social media or user-review site, only briefly mentioning Facebook, leaving one with a nose for linguistics to wonder, is Facebook becoming the Kleenex, or Band Aid of Web 2.0 social networking, the blanket namebrand which represents a whole class of products? Or are journalists and other pseudo-intellectuals so currently enamored with the social media fad that they’re eating their own balls just to see who can over-inflate the importance of “USER GENERATED CONTENT” the most???

YOU MAKE THE CALL! LEAVE YOUR COMMENTS BRO, WIKI THAT SHIT!!11 Web 3.0 YOU’RE THE BOSS, DUDE, HIVEMIND. MEMETICS IS THE NEW MARKETING

Tags: ap story, board seat, digital sky, Facebook, google, hyperbole, internet investor, investment values, kleenex, legal settlement, media fad, MEMETICS, microsoft deal, networking company, new marketing, russian internet, russian investment, social networking, time updates