Facebook suffered the single biggest one day market cap loss in history following it’s Q4 ’21 earnings release. That lead to my Twitter feed being filled with posts like these:
But I’ve been following Facebook since it’s birth in 2004. And as I write below, I thought they were dead once too (in 2018). I won’t get fooled again.
My Facebook story starts In 2004. I was running Bolt, the largest social network in the world in between Friendster and MySpace. That’s when I called Mark and offered to buy Facebook (a month after he launched).
In late 2009 I got an opportunity to buy shares at $16 billion. Having been an equity analyst at Goldman before Bolt, I felt as qualified as any one to value Facebook. My back-of-the-envelope analysis yielded a $50B value! So I bought the shares and spent three months writing my first research report in 10 years. My major challenge was solving for Zuck. Could he execute at that level? David Kirkpatrick, who was given unfettered access to Zuck to write The…
