Facebook No Longer Valley's Hot New Young Thing

A year ago, when Facebook opened up its social networking site to software developers, it was Silicon Valley’s hot new young thing. … But what a difference a year makes. As Facebook gears up to host its first big developer conference this Wednesday and introduce a major revamp to its site, it is going through some growing pains. I also think Facebook has lost some of its buzz factor in the valley. Some also believe that its valuation on paper, once pegged at $15 billion, has notably declined.

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