The Shakespears work the kitchen.
Facebook goes public at 38 bucks a share valuing the company at $100 billion, give or take. Since I am one of 900 million FB users, investors think I am worth $111. Give or take. I am with Pierre Michel, a French tech banker in London, who is sceptical of the offering and who can blame him ? I do suggest that if not P M, who champions European entrepreneurialism and venture capital , then who ? The nasty jealousies felt 5,000 miles away.
So today Facebook creates five billionaires and 1,000 millionaires while providing California with $2 billion of much needed, and deserved, taxes. The funds should go straight to California's once world-leading public universities but, alas, Jerry will probably apply it towards the state deficit.
Pierre Michel and I talk about FB and he notes the US system rigged while IPOs are about luck as much as hard-work. I ponder this but do not agree : if Silicon Valley rigged, why does it attract top talent and capital despite a 95% investment failure rate ? As for luck. . well, of course - but one creates one's own luck. Europe's venture market 10% of the US, and so less chance for .. luck. While the Western World mis-steps from war to financial meltdown to recession to crisis, Silicon Valley continues to present opportunity for those who embrace it. And work hard. Starting with kitchen.
