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Take My Social Network, Please

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Or: How Many Valuation Experts Does It Take to Change A Lightbulb at
College student/alumni site has decided that after turning down a $750 million dollar buyout offer to hold out for two beeeeeeeeellion dollars, it will now up the ante and hold out for one beeeeeeeellion dolllars.
Facebook gets 5.5 billion pageviews a month and ads are sold in the form of "flyers" that cost $5/10,000 times displayed, which would seem to indicate that they have $2.5 million worth of inventory to sell per month. =((5,000,000,000/10,000)*5)*12 = $30,000,000/year of potential inventory to sell (at the quoted CPM, which is probably higher than the effective) Unless they have another revenue line we're missing, that's, uh, 67x at $2 billion.
(We checked our own alma mater and stumbled upon the "Patrick Bateman Is the Man" group. Not surprising.)
Web Networking Service Exploring Partnerships, Buyout [WSJ]