I saw his interview on the business channel. This is going to haunt him the rest of his life. I do think there is an element of truth to it. Though, like you mentioned, many people considered it a risky investment when News Corp first announced its plans.
Josh
· 3 years ago
Eh, I think these guys are trying as hard as possible to create bubble 2.0.
Two quick points... first, if MySpace was really concerned that $580 million was an undervaluation, they why did they choose to accept the offer? (note that I haven't read that 9-page report) MySpace was a private company, presumably they could choose to turn down an offer they thought was too low.
Second, is MySpace really that big of a success? I see a lot of blog posts and news articles about how big of a success MySpace is... and certainly it has made a many third-party providers wealthy, but it's all based on users and traffic--what about revenue and profits? I rarely see those (rather important) metrics mentioned. The Internet has a long history of super popular websites that ended up losing a lot of money and going under after a few years. Are we sure you're not counting your chickens before they hatch? (That MySpace's users apparently are starting to skew older is certainly a step in the right direction for them, but I'm not convinced that "huge success" isn't a bit premature...)
That $20 billion valuation was "little more than geusswork" according to your own post about it, Peter. And you mocked it by valuing Mashable at "eleventy trillion" dollars.
Jawad Shuaib
· 3 years ago
lol@eleventy trillion dollars. haha
milo
· 3 years ago
Trillions of millions for whom?
chickerino
· 3 years ago
my heart bleeds. sob sob.... no seriously, i cried myself to sleep for these guys last night, i really did!
kenny
· 3 years ago
reminds me of another Greenspan who seemed to be a bit... "green" with envy
All Comments
Two quick points... first, if MySpace was really concerned that $580 million was an undervaluation, they why did they choose to accept the offer? (note that I haven't read that 9-page report) MySpace was a private company, presumably they could choose to turn down an offer they thought was too low.
Second, is MySpace really that big of a success? I see a lot of blog posts and news articles about how big of a success MySpace is... and certainly it has made a many third-party providers wealthy, but it's all based on users and traffic--what about revenue and profits? I rarely see those (rather important) metrics mentioned. The Internet has a long history of super popular websites that ended up losing a lot of money and going under after a few years. Are we sure you're not counting your chickens before they hatch? (That MySpace's users apparently are starting to skew older is certainly a step in the right direction for them, but I'm not convinced that "huge success" isn't a bit premature...)
That $20 billion valuation was "little more than geusswork" according to your own post about it, Peter. And you mocked it by valuing Mashable at "eleventy trillion" dollars.