Here's a piece about what Facebook can do to justify its high valuation while Christopher Mims is a bit skeptical that Facebook can ever be a profit engine. But the thing you really need to keep in mind when thinking about Facebook's business strategy is that Mark Zuckerberg doesn't need to care what you think. Facebook is his. All his. Everyone else is just along for the ride.

Separation of ownership and control is integral to the operation of modern financial capitalism, but typically the CEO works for the shareholders, at least in principle.