The stock didn't pop very much. Daniel Gross looks beyond the ticker tape:
Like the network on which it was built, and the other networks that preceded it, Facebook is a system that encourages other people to do business in new ways. Which means its value goes far beyond the momentary value the stock market places on it on any given day — whether it is $150 billion, or $50 billion, or $20 billion. When analysts focus on the advertising dollars Facebook reaps, they're looking at the wrong metric.
Rather, it's more interesting to look at how many companies are building brands inside Facebook without advertising. It's useful to look at the valuation of other companies that have built businesses in the system that Facebook has created, like Zynga. And it's impossible — but still vital — to try to guesstimate the utility that millions of consumers gain from being able to share information, connect, and market themselves and their products for free.
The Dish 