Looks like we’re gonna have to add another name to our Facebook Mafia list. Chief technology officer Bret Taylor told Kara Swisher at AllThingsD that he will be leaving the company for an “undetermined startup.” Shortly after, he acknowledged his departure on his Facebook page. (A parting traffic gift, perhaps?)
Twitter aired its first ever TV commercial yesterday–during a NASCAR race. [AllThingsD]
Everything you wanted to know about the @Sweden Twitter account: “I wanted to show that I’m often kind of immature and often kind of stupid and so is this country, and I bet you are, too, and so are a lot of people around the world.” Think Mayor Bloomberg would let us do something like this? [New York Times]
There is now a Silicon Valley Bank in the U.K. for just technology investments. Discuss bubble implications as you wish. [BBC]
Google is shutting down Meebo messenger: be still my 8th grade heart. [meebo.com]
Facebook’s user growth is slowing, which cannot be good for the company’s already-battered stock. [Wall Street Journal]
No one wants to IPO now that Facebook’s went so terribly. [Wall Street Journal]
For your morning rage blackout: Ellen Pao is obviously lying because her husband has sued people before. [New York Post]
CNN’s Laurie Segall managed to sneak in a question about Facebook’s IPO debacle by Sean Parker during a promotional tour for his new startup Airtime. “Somehow I knew I was going to get this question,” Mr. Parker winced, holding his head in his hands. But the former Facebook president quickly rebounded, blaming the hype and then the media for the stock’s volatile performance.
“It was sort of a relief in a way,” he said. “We knew that that speculative interest was not going to go in a good direction. It never ends well. whenever there’s something that’s so hotly anticipated and so speculative. The thing that was unexpected was how quickly the media turned on it and therefore short circuited the retail investor and their speculation.”
It seems more than a little disingenuous for Mr. Parker to scapegoat speculators when Facebook decided to both price shares higher than expected and increase the number of shares offered by more than 25 percent.
Head for your bunkers: Facebook fallout is upon us. (Maybe.) Bloomberg reports that–according to one source, anyway–Kayak plans to delay its IPO, in the wake of Facebook’s less-than-stellar debut. Says Bloomberg:
The Norwalk, Connecticut-based online travel service has postponed the roadshow for the offering, which was scheduled to start last week, said the person, who declined to be identified because the information is private. Morgan Stanley, the lead bank on Facebook’s initial share sale, also was hired to lead Kayak’s IPO.
Facebook’s stock is currently at $28.19, well under its $38 debut. Given that it was the highest-profile technology IPO in years (seriously, “frenzy” doesn’t even do it justice), there was no way that wasn’t going to have some sort of impact. One researcher told Bloomberg: “After Facebook’s tumble, investors are not willing to buy pie in the sky.” Ouch.
It's Zuck's World We're Just Living In It
The New York Tech Meetup is producing a video series called #startupstories. “Failure” is apparently Fred Wilson’s fav. [NYTM]
Sergey Brin lets California lieutenant governor Gavin Newsom try on Google Glasses. [The Verge]
There’s a new digital divide in town. [New York Times]
A roundup of Tim Cook’s chat at the AllThingsD conference. [Wall Street Journal]
Kim Dotcom is winning legal battles left and right. [Bloomberg]
No one on Facebook actually cared about the Facebook IPO. [Buzzfeed]
IP Uh Oh
If you felt The Force shudder and ripple sometime tonight it may have been due to the Earth-shattering report that Facebook’s C.E.O. Mark Zuckerberg has left the world’s 40 richest people list. We would pause while you gasp and sob but it’s scab-pulling time regarding the bad news for the youthful billionaire–and anyway, we think Zuck can handle the pain:
It's Zuck's World We're Just Living In It
It’s been less than a week since Facebook debuted on the public markets. But each day, it seems, unearths new contenders for another round of the Facebook IPO Blame Game. (Play along at home!)
While Congress plans its investigation into underwriters like Morgan Stanley, Dan Primack dropped an interesting perspective in his Term Sheet newsletter: Blame the “adults.”
Great Achievements in Facebook
With the impending onslaught of baby-faced millionaires, it was only a matter of time before someone wrote a how-to guide illuminating the best places to snag a Facebook beau. The New York-based fashion website Refinery29 published an article yesterday afternoon entitled “The Ultimate Cheat Sheet: How To Meet A Facebook Millionaire.” Servicey!
Is Mark Zuckerberg’s hoodie a “mark of immaturity” or his peculiarly Silicon Valley take on the robe and cowl, the garments of a cyber-saint?
Kvetching about the youthful Facebook C.E.O.’s casual approach to business wear when he has achieved huge success before his company even goes public is petty, but a quick survey of some positive pre-IPO coverage of Mr. Zuckerberg induces a bit of queasiness in anyone allergic to obsequiousness or hyperbole.
Two particularly sugary bites, with some added emphasis:
If you’re a dual citizen, and you think the U.S. helps itself to far too large a chunk of your hard-earned cash, here’s a new lesson from Facebook cofounder Eduardo Saverin: renounce your citizenship, and you, too, can avoid a hefty tax bill.
Bloomberg reports that Mr. Saverin, a Brazilian-born resident of Singapore, has decided to forfeit his U.S. citizenship days before Facebook’s IPO, in “a move that may reduce his tax bill.” They pulled the information from a list published by the Internal Revenue Service that names people who have decided to renounce their citizenship as of April 30th.