Facebook = $15 Billion
Oct 24 2007
Not bad for a 23 year old kid who everyone chastised as insanely stupid for turning down Yahoo’s $1 Billion bid for Facebook a year ago. So, what’s the lesson for high-tech entrepreneurs? My takeaway is that you should be bold and hold-out for higher valuations as you continue to build community online and build tremendous value in your company. Of course, there is a finite window for some industry sectors, especially in technology. But, if you have confidence in the long-term viability of your business model, be patient and hold off on accepting seemingly generous offers like Zuckerman did.
Read more about this MSN article on Facebook (the first paragraph is below):
Microsoft Corp beat out Google Inc on Wednesday in a battle to invest in socializing Web site Facebook, agreeing to pay $240 million for a 1.6 percent stake in the Web phenomenon. Microsoft also clinched exclusive rights to sell ads on Facebook outside of the United States as part of the investment that valued Facebook at $15 billion — on par with the market capitalizations of retailer Gap Inc and hotel chain Marriott International Inc.
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