{"id":4353,"date":"2012-02-21T20:56:50","date_gmt":"2012-02-22T02:56:50","guid":{"rendered":"http:\/\/www.zmetro.com\/?p=4353"},"modified":"2012-02-21T20:56:51","modified_gmt":"2012-02-22T02:56:51","slug":"less-than-meets-the-eye-at-facebook","status":"publish","type":"post","link":"http:\/\/www.zmetro.com\/?p=4353","title":{"rendered":"Less than meets the eye at Facebook"},"content":{"rendered":"<p><a href=\"http:\/\/www.ritholtz.com\/blog\/2012\/02\/less-than-meets-the-eye-at-facebook\/\">Barry Ritholtz:<\/a><\/p>\n<blockquote><p><i>Facebook is valued at \u201cplenty\u201d<Br><br \/>\nBy Wall Street\u2019s tech cognoscenti,<Br><br \/>\nTake 1 billion friends<Br><br \/>\nTimes 5 dollars, then<Br><br \/>\nTimes IPO multiple: 20!<Br><br \/>\n\u2014 Limericks \u00c9conomiques<br \/><Br><\/p>\n<p>Last week, I made a surprising discovery about Facebook: It has far fewer \u201cactive\u201d users than it claims. I learned this from a note buried deep in the company\u2019s S1 \u2014 the IPO document it filed with the SEC in order to go public. Based on its S1, the social-networking giant\u2019s value is probably much less than most investors seem to think.<br \/><Br><\/p>\n<p>One advantage of working in finance is that you get to meet lots of very nice, really smart people such as David Wilson, who writes the Chart of the Day column for Bloomberg. His column is my Sudoku, as I challenge myself to poke holes in the correlations it identifies between various assets. It\u2019s good wonky fun.<br \/><Br><\/p>\n<p>On Feb. 3, the column used Facebook\u2019s SEC data to show how fast the firm was growing. FB was becoming a \u201cdaily habit for more users,\u201d and the numbers from the IPO filing were extraordinary: 845 million Monthly Active Users and 483 million Daily Active Users.<\/i><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Barry Ritholtz: Facebook is valued at \u201cplenty\u201d By Wall Street\u2019s tech cognoscenti, Take 1 billion friends Times 5 dollars, then Times IPO multiple: 20! \u2014 Limericks \u00c9conomiques Last week, I made a surprising discovery about Facebook: It has far fewer \u201cactive\u201d users than it claims. I learned this from a note buried deep in the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4353"}],"collection":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4353"}],"version-history":[{"count":1,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4353\/revisions"}],"predecessor-version":[{"id":4354,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4353\/revisions\/4354"}],"wp:attachment":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4353"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}