What Wall Street did to us in 1999 pales in comparison to what they did to the country in 2008.
Toby Lenk, the former CEO of eToys, which is still the subject of a lawsuit against Goldman Sachs, the underwriter of the eToys IPO in 1999.
Interesting column by Joe Nocera for NYT.
So Facebook had nearly double the profits of Amazon in 2011…— MG Siegler (@parislemon) February 1, 2012
Facebook revenue and profit are both about about 1/10th that of Google (which went public 7.5 years ago). They. Are. Coming.— MG Siegler (@parislemon) February 1, 2012
Facebook has more profit than Google had revenue when they went public.— MG Siegler (@parislemon) February 1, 2012
Google had $961.8 million in rev and $105.6 million in profit when they went public. At same point, Facebook is a refined profit machine.— MG Siegler (@parislemon) February 1, 2012
I certainly don’t love everything about Facebook, but there’s no denying that it’s an impressive company — one of the most impressive ever built. You have to respect the fact that they have no fear when it comes to completely changing their product on the fly. Most companies would not have the balls to do half of what Facebook has done over the past few years from a position of power. That alone is why I’ve been bullish on Facebook for a long time.
Obviously, the entire Internet is creaming itself over S-1 filing right now. But I actually don’t think it’s unjustified. When you consider the Google numbers listed above, it’s exciting to think that we’re entering a new era of growth and prosperity for technology companies. It’s exciting not just for Facebook, but for everyone in this space.
The cynics will say these good times won’t last. And they’ll ultimately be right because well, nothing lasts forever. But as the Internet and technology in general continues to be intertwined into the lives of every person on this planet, I can’t help but think this is all just the start of something that we can’t even fathom right now.