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Tara Lachapelle

Facebook Bursts With Goodwill

It hasn't had to prove yet that WhatsApp was worth $19 billion.

Technology companies always get to break the rules. We don't dispute how much cash Apple actually has. Or that Amazon's stock is valued at 447 times earnings.

And so this may sit fine with you, too: Of all the companies that have made big acquisitions during this two-year-long deal boom, none have had a larger increase in goodwill as a proportion of assets than Facebook.