Meebo raising new round. Valued more than Bears Stearns

I don't get it. Sure, the site is cool and all, but what are they doing to get such ridiculous valuations?

Taking something that is free, (An IM client), and putting it, (wait for it)... on the web (gasp).

Seriously though, they have a pretty good number of users, massive audience share.

1. big user base; they even finished their crowd-sourced i18n projects early on to reach more

2. highly sticky engagement, average being 4 hours

3. and just because they ask for it doesn't mean they'll get it

I'm opposed to editorializing in headlines unless said editorializing is sufficiently funny and/or tragic, preferably both.

Meebo should take this opportunity to enter the derivatives market.

A small pizza restaurant is valued more than Bear Stearns.

Yeah, this submission belongs under Wikipedia as an example of "how to damn with faint praise".