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So the Facebook valuation based on minority investments is in my mind a complete joke in the sense that there was $33,000,000,000 dollars on the table. Irrational investor exuberance indeed.In a heated response at Y Combinator’s Hacker News site, however, software entrepreneur Joel Spolsky takes issue with Hansson’s argument. There is a very active market for shares of Facebook, he notes, through services such as SecondMarket, which specialize in trading the restricted stock of private companies such as Facebook and Zynga (which is reportedly worth as much as $5 billion based on the activity in that market). So Facebook is worth $33 billion in the same sense that Google is worth $165 billion, Spolsky argues (there’s also a lot of back-and-forth in the YCombinator comments about the relative merits of Chicago — where 37signals is based — vs. Spolsky’s home of New York, but we’re leaving that part out).
The whole section “Minority investment evaluations aren’t real” is so economically bizarre and incorrect that I don’t even know where to start. It’s like you wrote a blog post arguing that it is incorrect to refer to a 5′ tall boy as 5′ tall because he’s often sitting down.Hansson counters that the private market is not as liquid (meaning there isn’t as much activity as the public markets) or as transparent to outside observers. And what about the sale of stock to companies like Microsoft — which bought 2 percent of Facebook for $240 million in 2007 — or Russian venture fund Digital Sky Technologies, which also bought a stake last year? Elevation Partners invested $120 million in June, the deal that implied a valuation of $23 billion (just to complicate things further, Elevation bought its stake through private share trades on secondary markets). Hansson says these don’t count because they involve such a small portion of Facebook’s outstanding stock.
A little girl fell six floors after she climbed out the window of her apartment. The hair-raising incident, captured on video, occurred in Korea. Described as an "unbelievable, harrowing accident", it was shared on a citizen journalism website to remind parents to keep an eye on their children even when at home.
In the video, the little girl was seen climbing out her flat window and clinging onto the ledge, before falling six floors down. However, she was apparently saved by her father who was below the block of flats. The netizen who shared the video said: "This video shows a little girl climbing onto the edge of the window and falling. "At first she was sitting on the edge of the window, then she clung onto the window ledge from the outside using her little hands. "According to the source of the video, she was saved by her dad who was below the block of flats. "I don't know how true the ending was, but parents, please take precautions before it's too late. Better to be safe than sorry." |
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