Updated:

Jan 14, 2019

Original:

Jun 5, 2012

Founding Facebook President Meh At Best On FB

It's fine if you're a hermit but otherwise the site just doesn't do it for Sean Parker anymore. Mr. Parker, who was the founding president of Facebook and was instrumental in helping Mark Zuckerberg expand that site, his latest venture's ability to help people expand their social networks and meet new people. He said social networks like Facebook can actually prevent you from meeting new people, and he described the current repertoire of social Web experiences as “boring.” “We’re trying to restore surprise and serendipity to the Internet,” he said. “It was definitely there in the early days, but it has disappeared.” Napster Founders Unveil a Video Chat Service [Bits]

Author:

It's fine if you're simply looking to live in your safe little world but otherwise the site just doesn't do it for Sean Parker anymore.

During the event, Mr. Parker, who was the founding president of Facebook and was instrumental in helping Mark Zuckerberg expand that site, stressed Airtime’s ability to help people expand their social networks and meet new people. He said social networks like Facebook can actually prevent you from meeting new people, and he described the current repertoire of social Web experiences as “boring.” “We’re trying to restore surprise and serendipity to the Internet,” he said. “It was definitely there in the early days, but it has disappeared.”

Napster Founders Unveil a Video Chat Service [Bits]

Anyone know anything about drumming up interest in a stock that's down over 45 percent since going public? Wanna help him out after this lockup period ends? No? He could use a little assistance here. Needs a little help. Flew all the way to New York to just come flat out and say "help me." Facebook Chief Financial Officer David Ebersman is meeting with investors in New York today, a person familiar with the matter said, days before the lifting of a ban on stock sales by some of the company’s biggest shareholders. The person asked not to be identified because the meetings are private. Through yesterday, Facebook had tumbled 45 percent since the company sold shares at $38 in a May 17 initial public offering. The lockup on the first block of shares held by insiders expires on Aug. 16. Facebook, which hasn’t closed above the IPO price since its first trading day, needs to reassure investors that it can increase revenue from advertising as more of its almost 1 billion users access the social-networking service on mobile phones, said Victor Anthony, an analyst at Topeka Capital Markets in New York, in an interview. “Investors who bought into the IPO have lost billions of dollars,” Anthony said. “He needs to get out there and tell the story of how he’ll drive revenue growth.” Facebook CFO Said To Meet With Investors Before Lockup Expiration [Bloomberg]

Until then, step off, bitch. Morgan Stanley Chairman and Chief Executive James Gorman defended the securities firm's role in Facebook's tumultuous initial public offering, telling employees internally that the firm worked "100% within the rules" and calling the steep decline in Facebook's stock "disappointing." Mr. Gorman, in a weekly strategy meeting Tuesday that was later webcast to employees, said "speculation of nefarious activity" surrounding the social networking company's IPO is untrue. Contrary to some reports, he said, he wasn't "aware of any dissent" among the underwriting firms regarding Facebook's IPO price of $38 a share. The discussion, called a strategy forum, is held weekly at the firm. The event, which Mr. Gorman attends periodically, features commentary from analysts and economists and is linked to on the company's internal website. Mr. Gorman told employees to "be proud of the job your colleagues did [in the Facebook IPO process] and don't judge us based upon what happened over a couple of days." Commenting on Facebook's stock performance, Mr. Gorman acknowledged the first day of trading "matters" but added investors should also judge an IPO based on its share price after 30 days, 90 days and 12 months. Morgan Stanley Chief Defends Facebook Handling [WSJ]

A prolific scam artist, the Facebook deal represents only 50% of the cons Troy Stratos will stand trial for this year (the other being ripping off Eddie Murphy's ex-wife).

When you've made the executive decision to turn your business channel into the Facebook IPO Show, it can get difficult figuring out how to fill every second of airtime. Obviously there will be breathless coverage from every conceivable angle, a countdown clock, and segments on "the evolution of social media," "advice for Mark Zuckerberg," the emotions surrounding a delay in trading, venture capital's feelings about Facebook, "what's the deal with Facebook's private shares," how "Facebook makes its employees happy," "networking Facebook's ecosystem," Mark Zuckerberg's Facebook profile, and whether Facebook is "your friend or foe." But with the tech analyst who agreed weeks in advance to have Mark Zuckerberg's face tattooed to his ass live on-air while network anchors discussed the significance it might have on how Facebook would close on its first day of trading backed out at the eleventh hour, CNBC found itself with a gaping hole in programming. Luckily, an unnamed producer who should win an Emmy for his or her work had the bright idea for this: In the above clip, CNBC travels to Mackay Elementary school in Tenafly, NJ to pick a bunch of 8 year-old analysts' minds on FB. Questions include: * "Is Facebook cool? If so, how long will it be cool for?" * "Would you rate Facebook a buy or a sell?" * "How much would you spend on one share of Facebook" (Answers include $150 and $1,000) * "Is it appropriate for a CEO to wear a hoodie? Would you take a guy in a suit more seriously?"

New rules.

ZuckerWolf

Happy Friday, Facebook PR team!

As you may have heard, earlier this afternoon, Facebook priced its initial public offering at $38/share, valuing co-founder Eduardo Saverin's stake at approximately $2.9 billion. Since Saverin conveniently renounced his US citizenship last week, he will avoid paying millions in capital gains taxes and hang on to an estimated $67-$100 million that would have otherwise gone to the government, news that did not sit right with Chuck Schumer. Did the Senator from New York call the guy a "piece of shit miscreant"? No. Did he send him an email that included the line, "fuck with me and you will have a huge asshole"? No. But Schumer was inspired to create draft legislation aimed at tax-dodging ex-pats like Saverin and to let the kid know he makes him sick. Democratic Sens. Chuck Schumer (N.Y.) and Bob Casey (Pa.), who called Saverin's decision "despicable," said the Facebook co-founder stands to save $67 to $100 million in taxes by renouncing his citizenship. "Senator Casey and I have a status update for him: pay your taxes in full," Schumer said at a press conference on Capitol Hill. Their so-called "Ex-PATRIOT Act" would impose a mandatory 30 percent tax on American investments for those who renounce their citizenship and would also prohibit individuals like Saverin from re-entering the country. The law -- which only applies to individuals with a net worth of over $2 million or an average income tax liability of at least $148,000 -- would not apply to non-American investments by former citizens. Under the proposed legislation, the IRS would decide soon after an individual relinquishes his or her citizenship if the renouncement was motivated by tax avoidance. The individual would then have the opportunity to provide reasons for the renouncement, but there would be a "strong presumption" the move was for tax purposes. "Mr. Saverin has decided to 'defriend' the United States of America just to avoid paying his taxes," Schumer said, showing his familiarity with Facebook's lingo. [NYP]

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