Chris Hughes joins the pantheon of vanity press moguls with the announcement today of his purchase of a majority interest in the New Republic. The 28-year-old Hughes, a co-founder of Facebook, commands a net worth that Forbes put “in the $700 million range” last year. Based on this portfolio, Hughes should be able to sustain the magazine’s annual losses — which Anne Peretz, the ex-wife of former owner Martin Peretz put at $3 million a year — for a couple of hundred years after his death.