Peter Thiel recounts the most important moment in the history of Facebook

The most important moment in the history of the company was in July of 06, when Yahoo offered us a billion dollars. Zuckerberg was 22 at the time. He owned a quarter of the company. It was just a college site. We had maybe 35 million in revenues, no profits. And so we had a board meeting. Three of us met Monday morning. Zuckerberg starts the meeting off saying, well, this is the formality, obviously we're going to turn this down. And myself, Jim Breyer, the two investors on the board, both said, we should probably talk about this a little bit more. It ended up being like a six hour long conversation. Mark, you'd make a quarter of a billion dollars. There's a lot you could do with this money. And it was, well, I don't know what I'd do with the money. I would just start another social networking site. But I kind of like the one I have, so why would I get rid of it? The key point that Mark made was that there were a whole set of products that Facebook was still planning to build that surely Yahoo was not valuing properly. And he was right. I mean, the future is never valued. These things.