Yes, it can and it will, at least for the foreseeable future.
Facebook is increasingly a major channel for ads, and where ad money goes also investors’ money go. The desire for companies to advertise hasn’t diminshed and it’s moving from traditional channels to newer and more granular ones, even affecting less-qualified means like Google Adwords in the longer term, which of course is a huge fear for Google, as they only have revenue from ads, like most other Web companies.
As mentioned before, Microsoft provides the ads shown on Facebook, so they also gain financially from Facebook’s increasing success.
Note that as General Atlantic buy the shares from former employees, the money involved won’t get used in Facebook. Still, this investment means a lot to Facebook in terms of driving its value up.