David Heinemeier Hansson:
Facebook has been around for seven years. It has 500 million users. If you can’t figure out how to make money off half a billion people in seven years, I’m going to go out on a limb and say you’re unlikely to ever do. Now this was all fun and games until somebody promised the Newark schools $100 million in stock based on the fantasy valuation of his under-profiting company. But now it’s real. They’re selling the skin before they shot the bear or peeing their pants to get to the hut or whatever you want to call it. It’s just not good, alright?
In the end it’s the kids that get hurt.
[Updated: 9/23/10 at 2:44 PM] Just to be clear I don’t think Facebook is worth this much money. A business (or any other good really) is only worth what someone is willing to pay you for it. I don’t see people lining up to buy Facebook.