A Lamentation for Marcus
Amidst all this agreed with over-hyped, overblown, sensationalistic facebook press coverage crap, I did read something pretty interesting about the whole facebook dilly. I read it here, but for those of you that don't feel like reading the article, I'll summarize it less eloquently for you.
Big man Marky Z has probably lost hundreds of millions of dollars due to this whole facebook fiasco. He was offered $750 million for facebook by Viacom earlier this year, but rejected the offer because he believed the site to be worth about $2 billion. He even turned down a $1.5 billion offer in the summer. You kind of have to respect a guy for sticking to his guns like that, but the fact is... a social networking site is only as valuable as the number of people who use it. A site that was getting to be as ubiquitous as facebook was easily gearing up to be worth well over $2 billion in the near future.
So with this one blunder alienating so many people, even just superficially so, the fact that it has gotten national media attention at all means that facebook.com as a corporate investment suddenly seems much less secure. I doubt Zucky would be able to find anyone willing to match his original offer of $750 million at the moment. And really, for being a Harvard dropout and not doing too shabby for himself, you kind of have to sympathize with a loss of that magnitude.
Big man Marky Z has probably lost hundreds of millions of dollars due to this whole facebook fiasco. He was offered $750 million for facebook by Viacom earlier this year, but rejected the offer because he believed the site to be worth about $2 billion. He even turned down a $1.5 billion offer in the summer. You kind of have to respect a guy for sticking to his guns like that, but the fact is... a social networking site is only as valuable as the number of people who use it. A site that was getting to be as ubiquitous as facebook was easily gearing up to be worth well over $2 billion in the near future.
So with this one blunder alienating so many people, even just superficially so, the fact that it has gotten national media attention at all means that facebook.com as a corporate investment suddenly seems much less secure. I doubt Zucky would be able to find anyone willing to match his original offer of $750 million at the moment. And really, for being a Harvard dropout and not doing too shabby for himself, you kind of have to sympathize with a loss of that magnitude.
posted by Uzura @ 7:12 AM
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