The Social Networking frenzy continues apace with the news that Facebook, the start-up popular with high school and college students, is about to be purchased by Yahoo. Rumors about this which first appeared in the Wall Street Journal, would represent the climax to months of speculation that Facebook, would be snapped up at a lofty price in a climate where social networking start-ups have become hot properties for Internet giants since News Corp bought MySpace last year for $650 million. Apparently, the going rate for Facebook is a paltry $1 billion! Others rumored to be in the bidding included Viacom and Microsoft. Facebook, co-founded by 22-year-old Mark Zuckerberg, has had industry watchers speculating about its fate after a March BusinessWeek article reported the company had rejected a $750 million offer, reportedly from Viacom. Facebook was said to be holding out for closer to $2 billion. Well all I can say is, If I was a 22 year old looking at a multi-billion dollar payout, I would buy myself an exotic island somewhere and disappear from view… But these guys never do… After a year, they pop back up and do it all again. Maybe by the time he’s reached the ripe old age of 30, he’ll call it a day!
Remember when this was what "Social Networking" was all about?
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