You do understand that FACEBOOK is all over the world. They make money so many different ways, not just by ads.
I don’t have to understand any business that sets an IPO price at an unheard of 100 X earnings. Time will tell, but right now Facebook is probably one of the most overpriced IPO in the modern era. If it had been priced at 20 - 30 X earnings that would have been high, but reasonable.
From a purely valuation standpoint, the money they are making now can not justify it’s price. For anyone who bought it at somewhere between $39 - $42 on Friday, maybe if they hold it for 2 or three years they make something. Of course they could get lucky, if there is a huge short position the insiders could start buying and selling amongst themselves, drive the price up in a short squeeze.
It is priced @ p/e 90+, sans dividend, just saying. But it got notoriety, so that must be worth something, right?