Instagram is "worth" more than the New York Times
I think people are underestimating the importance of the NYT. If the NYT suddenly disappeared tomorrow, I'd argue that, at least in the near term, it would have far-reaching implications for the US as a society, as a political body, and as a culture. I think it would impact the course of global events in very real ways. The NYT, despite its market cap, is thoroughly integrated into the fabric of the US and serves a number of very important functions.If instantgram shut down tomorrow, it wouldn't matter at all.In fact, I think that if Facebook shut down tomorrow it would matter less than if the NYT did.I have no idea if the valuations are crazy, and I don't mean to be making a point about bubbles or anything else. I just think it might be a condition of contemporary capitalism that "importance" and "value" are in many cases unrelated.