The money is in the ads
The only value Facebook really has is that it can mine you posts (and all your relationships) and sell your profile for ads. The same thing Google had, only less focused at the time they went public. Like ink jet printers, it isn't the printer (Facebook.com) that makes money, it is the ads (ink). Your profile is a never ending steam of revenue to the company that sells you to whoever expresses an interest. And wealthy, mindless investors can't hurt the launch much either.
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