A few years ago, I would’ve bet my life savings against the proposition that Facebook would become to social media what Microsoft has become to computer software. And I would’ve doubled down against the proposition that Facebook co-founder Mark Zuckerberg would someday emulate Microsoft co-founder Bill Gates by becoming the richest man in the world.
But a few months ago, after Facebook bought WhatsApp, I began eating humble pie:
It seems my commentary on Facebook’s demise was greatly exaggerated. In fact, given the hosanna-like media reports, you’d think Facebook purchasing WhatsApp a few weeks ago was tantamount to Ponce de León actually discovering the Fountain of Youth.
(“Facebook Buys WhatsApp for Life Support,” The iPINIONS Journal, March 12, 2014)
Now Zuckerberg is just, well, rubbing it in my face:
Facebook turned 10 this year and no one was celebrating harder than CEO Mark Zuckerberg. After seeing his company past the growing pains of a disastrous May 2012 IPO, Zuckerberg has the Menlo Park, California-based company flying high.
Facebook’s shares are up more than 130% over the past year as of Feb. 2014, enabling blockbuster deals like the $19 billion purchase of WhatsApp and more than doubling Zuck’s net worth [now at $33.2 billion] over the same period, even after he gifted away 18 million shares in late December.
(Forbes, July 25, 2014)
What’s more:
‘He’s just getting started,’ David Kirkpatrick, author of The Facebook Effect, said in a telephone interview. ‘He’s going to become the richest person on the planet.’
(Bloomberg, July 24, 2014)
In fact, according to the Bloomberg Billionaire Index, Zuckerberg has already leapfrogged Google co-founders Sergey Brin ($31.8 billion) and Larry Page ($32.1 billion), as well as Amazon founder Jeff Bezos ($29.7 billion).
However, it’s worth pointing out that, as obscene as their wealth is, at least tech entrepreneurs are making their money by creating things that improve the lives of people all around the world. Unlike investment bankers – who are making theirs by serving as little more than glorified croupiers for rich folks.
In any case, I shall henceforth stay out of the business of picking stocks; especially given that my performance in this case was no better than it was back in the late 1990s, when even I was lured into the Three Card Monte craze of day trading.
Related commentaries:
Facebook buys WhatsApp…