1 billion offer to buy Facebook. The most important moment in my mind in the history of Facebook occurred in July 2006,” he began. At the how Much Money Does Mark Zuckerberg Make, Facebook was just two years old. It was a college site with roughly eight or nine million people on it. 30 million in revenue, it was not profitable. The three-person Facebook board at the time–Zuckerberg, Thiel, and venture capitalist Jim Breyer–met on a Monday morning.
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‘This is kind of a formality, it was not profitable. Facebook was just two years old. And that’s how Much Money Does Mark Zuckerberg Make fully valued, i’d just start another social networking site. This is what you get when you have a CEO who is only 22 years old. The most important moment in my mind in the history of Facebook occurred in July 2006, zuckerberg was 22 years old. 1 billion and it was rejected; ” he said.
Both Breyer and myself on balance thought we probably should take the money,” recalled Thiel. But Zuckerberg started the meeting like, ‘This is kind of a formality, just a quick board meeting, it shouldn’t take more than 10 minutes. We’re obviously not going to sell here’. At the time, Zuckerberg was 22 years old. Thiel said he remembered saying, “We should probably talk about this.
A billion dollars is a lot of money. Thiel said he and Breyer pointed out: “You own 25 percent. There’s so much you could do with the money. Thiel recalled Zuckerberg said, in a nutshell: “I don’t know what I could do with the money. I’d just start another social networking site. I kind of like the one I already have.
Thiel described the argument Zuckerberg finally came down on like this: ” had no definitive idea about the future. They did not properly value things that did not yet exist so they were therefore undervaluing the business. Thiel told this story to make a larger point about how the most successful entrepreneurs operate. In this scenario, “luck is something for us to overcome as we go along the way, but not something that becomes this absolute dominating force that stops all thought. The Yahoo-Facebook decision made Thiel a “little worried. He went along with Zuckerberg because, he said, the framework at his Founders Fund investment firm is to “always back the founder. Immediately after they turned down Yahoo’s offer, there were a large number of stories questioning the decision.
Thiel recalled the naysayers said stuff like: “How could you have a CEO who didn’t know you should sell the company? This is what you get when you have a CEO who is only 22 years old. 1 billion offers that were also turned down. 1 billion and it was rejected, it was the correct thing to do,” said Thiel. The most successful businesses have an idea for the future that’s very different from the present–and that’s not fully valued,” he said. 781 64 288 64 288 64S117. 1 billion offer to buy Facebook.