02/21/2012 08:55 am ET

Facebook IPO: Why Is It Worth So Much?

There is one thing missing in most of the hype over Facebook’s massive IPO. Everyone knows the company is popular, with 845 million users, and successful, with a potential valuation of $100 billion dollars. (That’s five times the size of Google’s 2004 debut.) But what exactly makes Facebook so valuable?

You. Its users. Or more specifically, its users’ stuff.

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