Slashdot Mirror
MySpace CoFounder Says Purchase Was A Scam
Jonathan writes "Brad Greenspan says he's the real founder of MySpace, not Tom, and the sale of MySpace to News Corp. was a criminal act. In a nine-chapter report, he describes how this was accomplished by hiding the value of the site from Intermix Media's shareholders." From the article: "How was News Corp able to turn $327 million into $20 billion or more of value within a year? The Myspace/Intermix transaction was so low compared to other internet transactions that it is raising eyebrows by analysts and media everywhere. Everyone seems to be asking how News Corp. got such a good deal. It seems too good to be true! After signing the transaction to buy Myspace & Intermix (but prior to the closing), News Corp. itself even showed how strangely little it had paid for Myspace by immediately paying $3.99 per monthly page view for slow growing comparable IGN. News Corp. paid only .03 cents per monthly page view for the hyper fast growing Myspace. Therefore, we can conclude that the fair value of Myspace was 100x or more what News Corp. paid! "
In hindsight, yes. Yes it was a horrible scam, but then again I meant to invest in Billy Gates when he worked out of his garage. Dammit Gates! You owe me billions!
Life is rarely fair. Cherish the moments when there is a right answer.
And I'm the founder of Slashdot. Where's my money?
If I had that much money, I'd consider buying MySpace just so I could shut it down.
I caught the Mountain Wumpus! He gave me his treasure chest ($100) to let him go free again.
Who's holding down the F5 key on the article's site?
i founded myspace as a how-to site on html design etiquette. myspace was originally intended to focus on page readability, intelligent page layout, good user experience, intuitive controls, and subtle interaction. i could be overreacing, but i think something went wrong somewhere though...
intellectual property law is philosophically incoherent. it is your moral duty to ignore it or sabotage it
Therefore, we can conclude that the fair value of Myspace was 100x or more what News Corp. paid!
Or can we conclude that they paid 100 times too much for IGN?
THat does it... I'm deleting Tom from my "friends list!!!!!!"
I bet he's no longer one of Tom's friends...
Nostalgia's not what it used to be.
This is the epitome of MySpace drama. Literally.
The only fair thing to do is delete MySpace entirely.
Netcraft Confirms it: MySpace is dying.
Yet another crippling bombshell hit the beleaguered social networking site today when recently discovered that its marketshare has begun to seriously slip, due to mainly to other sources of personal videos, such as Google's own service and uTube, combined with modern teenager's lackluster desire to socially network. Current random surveys indicate that a large number of new user signups over the last 3 months have mainly been middle aged single men and U.S. Senators.
You don't have to be a genious to see the writing on the wall: All the teenagers that want to be on MySpace already have accounts, and there simply aren't enough pre-teens coming of age to maintain this rate of growth. The future of MySpace is indeed bleak.
When asked for comment, MySpace founder Brad Greenspan replied "look, I just need a few weeks before you print this..."
Tequila: It's not just for breakfast anymore!
You shut your damn mouth right now.
I wear the ring.