Which money do you believe didn't go to Facebook? Looking at the Crunchbase investments, only the $120m Elevation Partners money appears to be secondary-market purchases. Facebook itself says that they took the $1.5 billion:
Regarding point ii, what expenses do you see as under each category? I'm not denying the difference; I'm just not clear what you think is being done differently with the money.
http://www.prnewswire.com/news-releases-test/facebook-raises...
Regarding point ii, what expenses do you see as under each category? I'm not denying the difference; I'm just not clear what you think is being done differently with the money.