You have to read the whole deal to understand why it is worth that.
Microsoft didn't pay 240 million for a couple of pecentage points. They paid for a couple of percentage points and pretty much ALL of the ad space rights. It is hard to evaluate the true value of facebook based on this deal because first you would have to figure out how much of that 240 million went to getting ad rights.
I am suspecting that the actual value of 1% was something like 30 or 40 million (total value 3 - 4 billion) and the rest reflecting the ad deal. But for Facebook, this is a great win because now they can start selling of parts of the company for insane mega bucks because microsoft put a valuation out there for others to shoot at.
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