I've been having a lot of conversations around intrinsic value of stocks that echoed this a bit: dividends or voting rights. If this were the case though, I don't think you would see the levels of investment that you're seeing. Facebook's stock's intrinsic value is derived from Mark Zuckerberg's value of it. In other words, even though you cannot exercise those rights to any effect, if everyone concluded they were worthless, you'd see Zuckerberg buying them up b/c he values them or he would address the reasons people consider them worthless thus adding value.

The absurd part of this that this would imply FB stock is intrinsically worth less, which makes the current already over-valued trading price look that much more ridiculous!