$1 Billion for Facebook.com? LOL!
$1 Billion for Facebook.com? LOL!
Commentary about business and finance.
Sept. 28 2006 11:24 AM

$1 Billion for Facebook? LOL!

Is the social-networking boom a replay of the '90s dotcom bubble?

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3. Well-placed skeptics. Not all the players are jumping into the social networking pool with two feet. Viacom's name hasn't been mentioned in connection with any of the large sites. And last week, once-burned-twice-shy Richard Parsons, the CEO of Time Warner, told ($ required) the Financial Times that his company wasn't particularly interested in Facebook and YouTube. "Valuations that are put on those businesses that currently make no money are astronomical and you have to have a big leap of faith."

Daniel Gross is a longtime Slate contributor. His most recent book is Better, Stronger, Faster. Follow him on Twitter.