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Editorial

Beware prospect of social-media bubble

  April 13, 2012

To many observers besides Facebook founder Mark Zuckerberg, Monday’s announcement that the social network will spend $1 billion to acquire a start-up with a dozen-odd employees and zero revenues looked puzzling, even preposterous. Indeed, when venture capitalists made an investment just last week that presumed the company was worth $500 million, Silicon Valley-watchers worried about a social-media bubble. Whatever its virtues, the Instagram deal should sound an even louder cautionary note.

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