Dan Primack of Thomson Reuters’ PE Hub takes a look at the implications of the $240 million that Microsoft invested in Facebook last year:

The WSJ recently reported that Microsoft is sniffing around Facebook, less than seven months after investing $240 million in the social network at a $15 billion valuation. It was largely discounted as the hopeful fumblings of Steve Ballmer, in his search for a rebound acquisition after being dumped by Yahoo. But it got me to thinking: Microsoft’s initial investment may be one of the worst venture capital deals of all time.

Click here to read the full article.

On a related note, check out this uncomfortably literal depiction of Facebook from BBC’s “The Wall.”

Christian video site GodTube has been blessed with a $30 million funding round from hedge fund GLG Partners, according to a report by paidContent.org, valuing the company at a whopping $150 million.

GodTube, billed by the L.A. Times as a “who’s who of U.S. Christianity,” has been racking up the page views with a “holy trinity” of user-generated video, social networking and a live webcasting service known as The Godcaster that allows churches to stream sermons and other events. In the same article, former CBS executive and GodTube CEO Chris Wyatt calls his site “Jesus 2.0″.

As paidContent notes, video startups like Metacafe and Veoh consume huge amounts of expensive bandwidth and so must raise large amounts of money. Nevertheless, it called GLG’s investment “ungodly big.”

Photo: GodTube.com