Yesterday, I wrote a piece for the Guardian in which I predicted “there’s likely to be only one surprising thing about Facebook’s IPO. And that’s just how dull a $100bn flotation can be.”
And sure enough, with the company having just filed and the rest of the tech blogosphere juddering with collective multiple-statgasms, I still can’t find myself getting excited about the contents of Fabebook’s S-1.
Mark Zuckerberg owns 28% of the company! He takes a $1 salary. Yep, figures.
The bulk of the company’s $3.71bn in revenue comes from advertising. Uh-huh.
The company makes $3.71bn in revenue! Sure.
But seriously though — 845m monthly active users and 2.7bn “likes and comments” every day! That’s amazing, right? No. Not really.
The thing is, if you’ve been paying the slightest amount of attention over the past few years, none of these numbers should surprise you in the slightest. Everyone you know, and their dog, and the dogs their dog went to school with, is on Facebook. People waste fucking hours of their day clicking like buttons and making comments. Mark Zuckerberg owns a big chunk of the company, and so doesn’t need a meaningful salary.
Sure. Yep. Ok. Fine.
Facebook is an amazing company — arguably the most amazing company of our generation — and what Zuckerberg and his team has built is phenomenal… but it has been that way for a while. All today’s filing does is confirms what we already know. And all the next few months will bring are more “sure, yep, ok and fine” moments.
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