Yikes! Not a revenue producer it would seem. Instead, $19 billion in outflow seems to be in the cards.
(Read more: Facebook buys WhatsApp: A desperate move?)
The press is screaming that the price is outrageous for a new company that really doesn't have revenue to speak of. It would seem that this is an indication, according to the pundits, that Facebook has deep, desperate pockets and is willing to pay outrageous sums to position the company for further growth. And despite Facebook's plan, they overpaid — by a lot.
(Read more: What Facebook is really buying—time)
So, the bright folks at Facebook no doubt thought if you have a company with $170 billion market cap that's been priced up by the market based on incredibly lofty expectations for earnings in future years, why not spend some of the inflated stock on a similarly pricey asset? If you only have to pay $3 billion cash out of pocket and the rest is in stock, it's really just a check that you don't have to cash today and will only end up costing the long-term share price of Facebook.