Social networking web site Facebook, which lets little twits with lotsa time on their hands exchange silly little notes on their babies, their babes, their boyfriends and other equally inane subjects, is valued at $41 billion.
This would make Facebook the third largest online business by valuation, after Google and Amazon.com.
A Bloomberg report today said Facebook’s stock was trading at over $16 on SecondMarket Inc., an exchange for shares of privately held companies.
Harvard dropout Mark Zuckerberg founded Facebook a few years back based on ideas he may have ripped off from others, a subject well detailed in the movie The Social Network.
Facebook has an estimated 500 million members (including a thin presence by SI here).
For a private company that’s just a few years old, rocked frequently by privacy scandals and has yet to prove itself financially, it’s ridiculous that Facebook should be valued at $41 billion.
Shows that investors have scant regard for financial performance and are still riding the hype wave.