Being public will make FB a poorer company and service.
As a side note, I love how reporters of newly public companies quote risk factors from a 10-k and present them as some significant revelation of a skeleton in the closet. Risk factors are required disclosure and attorneys stuff them with horrible sounding proclamations that often are really just stating the obvious when you really read them. They are cheap insurance for the public company - not sure anyone declines to buy a stock based on risk factors but the company can say "I told you" in the event of certain shareholder suits.
Instead, we would likely have multiple, smaller networks that we have to pay for because they wouldn't be able to bootstrap to a level that advertising can cover. That would not necessarily be a worse world.
Here's the picture
http://sphotos-a.xx.fbcdn.net/hphotos-ash4/305285_1015047964...
Edit:fixing phone-induced typos.
In other words, Facebook caused Facebook's problems, not Wall Street.
In other words, "large and profitable" is enough if you're organically funded, but if you're investment-backed you have to not just be profitable, but at least as profitable as your investors predicted you would be.
In Facebook's case, those predictions could be quite large. On the pre-IPO end of things, Goldman Sachs' 2011 investment in FB, for instance, was premised on a $50 billion valuation (http://dealbook.nytimes.com/2011/01/02/goldman-invests-in-fa...) of the company. Depending on whose numbers you believe for the total number of FB shares outstanding (see http://www.businessinsider.com/facebook-shares-outstanding-2...), at $20/share their current total value is somewhere between ~$40 billion and ~$55 billion. The high end of that estimate is north of Goldman's valuation, but the stock won't have to fall much farther for Goldman to get nervous.
Similarly, when the company goes public, now you have "the markets" to deal with as investors as well. Just like VCs, public investors buy into a stock at a certain level because they believe that level represents a value less than the company will eventually be worth. And also like VCs, if your management makes that bet fail, they can and will organize to remove you, or at least make your life difficult with an activist board or other oversight mechanism. When Facebook opened for public trading, the market estimated its value at around $104 billion (http://dealbook.nytimes.com/2012/05/17/facebook-raises-16-bi...) If you bought in at that price, your investment today would only be worth a little more than half of what you paid for it. That doesn't make for happy investors.
Investors want to see a return on their investment, and they prefer to see it today rather than tomorrow. Corporate managers who want to stay corporate managers do everything they can to deliver it, and sooner rather than later. Hence the focus on short-term metrics like quarterly profits over long-term sustainability.
You need to add "if they can". One of the fantastic things of Zuck is... he accepted the money but gave himself 51% of the company. So investors are f*cked and can't do anything.
That someone could invest under those terms is beyond my understanding, but they did. Greed is going to make people loose a lot of money.