????我在此前一篇談論Facebook一季度業績的文章中曾提到過“Facebook正式自估市值近770億美元”，但考慮到此事的重要意義，今天我想再單獨撰文談一談。

????計算方式是這樣的：Facebook最近收購了移動照片分享網站Instagram，宣布收購價約10億美元。周一，它公布了更多的交易細節，聲稱收購價包括3億美元現金以及“約2300萬股” Facebook普通股。

????這意味著股票部分估值約7億美元，合每股30.43美元。根據已發行股本，可以折算出Facebook總估值約750億美元。

????但據一位知情人士稱，收購Instagram的每股實際價格是30.89美元（即他們知道實際股本數量，并非約數）。若果，Facebook總估值升至760-770億美元。

????這顯著低于媒體盛傳以及二級非公開市場（Facebook當前交易股價為40-45美元）反映的1000億美元。

????但有可能Facebook在這里是發了個“低球”。從投資者對IPO的極大興趣來看，價格上漲以及首日高開都很有可能。這不僅意味著下個月Facebook股價可能翻番，也意味著Instagram與最初要價20億美元的距離也遠小于人們所想。

????譯者：早稻米

????I noted this in an earlier post of Facebook's first quarter financials, but I think it deserves one of its own: Facebook is officially valuing itself at just under $77 billion.

????Here's how the math works: Facebook recently acquired mobile photo-sharing site Instagram, announcing that the deal was worth approximately $1 billion. Today it provided more specifics, saying that the deal included $300 million in cash and "approximately 23 million shares" of common stock.

????That means the stock is valued at around $700 million, or $30.43 per share. Based on the number of shares outstanding, that works out to a valuation of approximately $75 billion.

????But a source familiar with the situation says that actual price per share for Instagram was $30.89 per share (i.e., they knew the exact number of shares, not an approximation), which brings the valuation up to between $76 billion and $77 billion.

????This is significantly less than the $100 billion that has been bandied around not only in the press, but on the secondary private markets (where Facebook shares have traded in the low $40s).

????Chances are, however, that Facebook is low-balling here. Investor interest in the IPO is expected to be intense, with both a price increase and first-day pop likely. Not only does that mean Facebook could still break the triple-digit mark next month, but also means Instagram might actually have gotten much closer to its original $2 billion asking price than people had previously realized.