I was feeling left out because everyone had written a column on the Facebook IPO but me. 🙁
As many of you know, I am not a huge fan of the Facebook concept. It seems to me that they are invasively intruding upon our lives for profit, relying on peer pressure and hype to get that job done. Along the way, they are selling the information they collect from us for free to marketers so that our lives can become even more commercialized, and more importantly to Facebook, so that they can make the big bucks on our previously private lives.
It would appear that most men in suits do not agree with cocky young men in hoodies (Zuckerberg’s preferred boardroom attire) about the future of Facebook. Advertisers are finding that there is not enough private information available to make money from their Facebook advertising. Not just little advertisers, but large ones like General Motors, who has pulled all their ads from the Facebook site.
Facebook is a company in search of a revenue plan. They are trying to sell your lives to major corporations. They are trying to gouge those same corporation for big bucks at the same time. Yet, most of their income comes from selling stock. That is the very definition of a financial pipe dream, a worthy competitor to the Tulip Mania schemes of the period 1600-1800, wherein many investors lost their shirts, not to mention socks and underwear.
One would guess that as time goes by, during which Zuckerberg and his band of naïve Infants Terrible fail to earn an honest living, the value of the company and its founders will continue to fall. Perhaps, one day, the people that use Facebook in the way that Zuckerberg wants them to will even see what fools they have been all along.