Facebook stock is now worth about half its IPO price, less than the price many employees were vested at.

Henry Blodget details what holders of the stock can expect, which is a long wait, among other things. Just be thankful you weren’t one of the poor schlubs who bought Facebook at 38 when it IPO’ed. Or should that be greedy schlubs? Facebook just wasn’t worth anywhere close to 38.

However, the stock is not the company. Facebook made a billion last year in profits. It will be a major force for years to come. What a stock does is often contradictory or completely nonlinear to what the company is.

Having said that, my estimate is Facebook will drop to 14 or so, and which point it will be fairly valued and thus a buy.