Facebook Secondary Stock Just Surged To $34 — That’s An $85 Billion Valuation

Just 10 days ago, we noted that Facebook had hit a new valuation record as shares on the secondary markets surged some 5 percent to $31.50 a share. That auction was through SecondMarket and put the on-paper valuation of the company at roughly $78.75 billion (based on roughly 2.5 billion shares outstanding). Today — again, just 10 days later — we have another Facebook share auction that has closed. And unbelievably, the price now is at $34 a share. That's an even $85 billion valuation. I repeat: $85 billion.