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Riches to More Riches
Remember when Fox (Rupert Murdoch) bought MySpace? I do, it was pretty big news in the field. What I remember most is how stupid of a purchase most people thought it was. At the time, I was not really educated enough to weigh in when it came to the subject of exact monetary value for the company, but I was still impressed by the sum of money. Then YouTube was purchased for more followed by Facebook turning down over $1 billion. I thought that sounded crazy, but again, I wasn’t as ingrained in the social spaces and didn’t fully understand the true monetary value of the site and its user base.
Well, either Rupert Murdoch was paying attention much better than I was or he made an incredibly good guess. That $580,000,000 investment is now worth between $3,000,000,000 and $20,000,000,000. Count those zeros.
Three Years Later, Buying MySpace Looks Like One Of Murdoch’s Smartest Bets
P.S. - Turning down over $1 billion turned out to be the smart thing to do. Facebook wins again.