Friday, March 31, 2006
John Battelle's Searchblog: Oh, To Be A Fly On The Wall In A Facebook Board Meeting:
"Om says: when offered $750 million for your company, well... Erhmmm. TAKE IT. Bizweek is reporting that the company turned that figure down and is looking for something more like $2 billion.
Is this going to be another Friendster tale of woe?
Well, perhaps. As I learned when similar sized offers came to the Standard's board table, selling the company is not always the entrepreneurs' decision. The investors usually have final word, though I have no idea if that is true or not in the case of Facebook. And the company does have a remarkable business, in terms of its nearly complete reach into one of the most sought after markets in America - college kids. I can certainly see why Facebook board members might pound the table and say 'We're worth more, dammit!'
But, twenty years from now, I'm not sure anyone in the deal would argue that taking $750 million was such a bad move. Especially when the money in was about $13 million, and the damn worm of cool turns so fast in this business..."
"Om says: when offered $750 million for your company, well... Erhmmm. TAKE IT. Bizweek is reporting that the company turned that figure down and is looking for something more like $2 billion.
Is this going to be another Friendster tale of woe?
Well, perhaps. As I learned when similar sized offers came to the Standard's board table, selling the company is not always the entrepreneurs' decision. The investors usually have final word, though I have no idea if that is true or not in the case of Facebook. And the company does have a remarkable business, in terms of its nearly complete reach into one of the most sought after markets in America - college kids. I can certainly see why Facebook board members might pound the table and say 'We're worth more, dammit!'
But, twenty years from now, I'm not sure anyone in the deal would argue that taking $750 million was such a bad move. Especially when the money in was about $13 million, and the damn worm of cool turns so fast in this business..."
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