We usually write about events: acquisitions, hirings, firings, and whatnot.  There’s a sort of non-event that’s hard to ignore, however, and that’s how few companies have been willing to back up Microsoft’s bet on a $15 billion Facebook.

Remember the launch of Google’s Open Social?  The list of members changed and grew for several hours as everyone tried to get their facts straight.  With Microsoft’s $240 million investment in Facebook, there was just that single event, and then pretty much nothing.

Some more money may have trickled in, but given the situation, the fact that we don’t know makes it all the more improbable.  So Henry Blodget asks, “Could Facebook still raise some additional capital at the Microsoft valuation?  Yes, it’s possible.  But it becomes less and less likely with each passing day.”

He then explains, “Microsoft surely set some time limit by which the round had to be closed (so as to avoid being embarrassed by Facebook raising money at the same valuation a year from now), and as more time goes by, Microsoft has a right to get pissed about other investors investing at the same value with additional information.”

Going against Facebook is also the amount of ridicule that Microsoft endured after throwing its money at the social network.