Facebook valued at $56 billion

A million dollars isn't cool. You know what's cool? 56 billion dollars.

Yep, that's right people - Facebook is said to be worth a cool $56 billion - that's 36 billion of the Queen's finest British pound sterling.

Just imagine the amount of new hoodies Zuckerberg and the gang could buy with that sort of wonga.

The figure comes from the results of 165,000 Facebook shares being privately sold by Sharepost at $25 each in a "significantly oversubscribed" auction.

But the $56 billion figure is already being talked down, with analysts suggesting that it isn't high enough. Wedbush analyst Lou Kerner said he thinks Facebook could easily be worth $200 billion by 2015.

Facebook is said to be so financially viable because of its strong position in social gaming and internet advertising.