Although 34 was not stratospheric as a P:E for Facebook, 30 is still no bargain. Facebook's price to book is however a stratospheric 6.455:1. From an accounting standpoint, then, Facebook's shares are now worth $25.74. If Facebook's annual earnings were $6 per share, and they declared a quarterly dividend of $0.26 a share at a price of $25.74, I would consider them worthy. As it is now, their earnings per share are less than the dividends per share I expect to receive when I invest my money. This is weak and uninvestable.
Facebook is a speculative bubble, and it is not very good at productively using the capital allocated to it by the market. Its price is also very sensitive to non-financial factors.
They would not have a clue as to how to put money in your brokerage account every quarter. They have no desire to. They think you will keep bidding the price up based on the fact that you think you are smarter than everyone else. Yet you never sell when you are up. You bask in the glow when you should be selling and brag about how up you are. You sell when you are down in a panic, when what your instincts are really telling you is to buy more.
If you are in it for the dividends, as I am for my pension, I like it when shares go down. It means my dividend yield goes up per dollar invested.
By the way, another safer way to short an issue is to go long on what you think will defeat it. Again, your potential for loss would only be limited to your investment. I do have one idea though. The Canadian Imperialist Bank of Corruption will not replace Facebook.