Email from Color finance vice president Andrew Urushima, as reported by VentureBeat: “Last week, the Board and major shareholders voted to wind down the company.”
Spokespeople from Color and its biggest investor: “Color is not shutting down.”
It’s the Schrödinger’s cat of startups. Also, we totally called this way back on launch day. -Stacy
Was a stock scam.
In the run-up to Facebook’s IPO filling, we checked with a few data trackers for historical context. With numbers like $5 billion to $10 billion being tossed around for the likely deal size, Facebook is poised to be a pretty whopping offering. But will it be The Biggest Ever?
Nope. At $5 billion Facebook wouldn’t even crack the all-time top 20, according to Dealogic, which has the Agricultural Bank of China Ltd’s 2010 IPO in the #1 spot. That offering raised $22.1 billion. The U.S. recordholder is Visa, which raised $19.7 billion in 2008.
But Facebook should pretty easily set the record for biggest IPO by an Internet-focused company. Who holds the current record? Not Google, which raised $1.9 billion in 2004 — a U.S.record — but is only #3 on the global list.
The top spot is held by “World Online International NV,” which raised $2.8 billion in March 2000, saith Dealogic. I hadn’t heard of it, so I asked the Wikipedias. Turns out it was a total fraud. Touted as the AOL of the Netherlands, it hit all the dot-com stations of the cross: No profits, pricey celebrity ad campaigns, and executives secretly dumping stock before unloading shares on the public.
"An investment in our common stock is subject to risks and involves a heightened risk of total loss of investment.”
That’s from the initial SEC filing of GSV Capital, a firm that invests in “venture capital-backed, rapidly growing emerging non-public companies” (translation: “HAWT BUZZY THINGS LIKE THE TWITTERS!”). GSV is publicly traded and saw its stock rise 40% yesterday after it announced it had spent $6.6 million buying 225,000 Facebook shares — at a $70 billion valuation. (That’s almost two eBays, or 2,300 MySpaces and an infinite quantity of Friendsters.)
225,000 Facebook shares gives GSV Capital an ownership stake of 1/100th of 1%.
Let’s go look at that “total loss of investment" line again … -Stacy
My fear is that Silicon Valley has become more like Hollywood. An entertainment-oriented, hit-driven business that doesn’t fundamentally increase American competitiveness.
You do not want an actual ninja, or an actual rock star. If you did, you’d be posting on shurikens-and-heroin.com rather than the 37signals job board.