Facebook is somehow really good at suppressing key metrics and important stories (and I am not sure how they do it). A good example is the friendly fraud case, which if it had come out pre-IPO, would have probably killed the company, or at the very least made it impossible for them to acquire IG and WA.

I also find it odd that so many investors, stock buyers and advertisers actually trust any of Facebook's self-reported stats.

At this point, I think they have already become the Enron of the tech industry. It may still be a while before the whole thing blows up, but even Enron seemed to be doing really well right up until the moment before the bottom just fell out.

"While it only appeared in the Texas Journal, the Texas regional edition of the Journal, short-seller Jim Chanos happened to read it and decided to check Enron's 10-K report for himself. He didn't think it made sense that Enron's broadband unit appeared to far outpace a then-troubled broadband industry."

https://en.wikipedia.org/wiki/Enron_scandal#Timeline_of_down...