> Yeah, actually, one thing that’s really interesting is that Facebook is not a normal company, in the sense that its valuation when it went public wasn’t based on how much money it made, which is what would normally happen with a business. It actually somehow talked the SEC into creating this other category, where it would be valued based simply on how much it was used, just on user engagement. And I think that was one of the most dreadful decisions in the history of financial governance, because, unfortunately, it set the pattern for other companies that went public later, like Twitter. So it’s almost like a government mandate that, instead of actually making money and serving customers, a company will become an addiction and behavior modification empire.

I didn't know this, can someone give more information on exactly how/why this happened?