Is Mark Zuckerberg in charge at Facebook? That's the first question I asked myself when I saw the press release Microsoft and Facebook issued. Sure, he got his $15 billion valuation — but only $240 million in cash, a less than 2 percent stake. Facebook's investors, in other words, asserted control and prevented Microsoft from diluting their stake. On the other hand, Microsoft, crucially, will remain Facebook's exclusive third-party ad network. It's telling, I think, that Zuckerberg didn't put his name on the press release. Instead, recently demoted executive Owen Van Natta got the money quote. Why not Zuck? I don't think this is the deal he wanted.

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