In dollar terms, at age 27, Zuckerberg will become the first Bill Gates of the 21st century.
This is an example how hype and Wall Street lunacy triumphs over quality and substance in the short term.
However, in the end, quality and substance will win out. It always does.
An eye catching article about Facebook’s philosophy at CNNMoney sums it up:
Facebook IPO highlights ‘The Hacker Way’ – Laurie Segall, CNNMoney, 2/1/2012
As a designer of computer systems for 25 years… I think Facebook is among the worse designed pieces of software I’ve ever seen.
It is popular only because Myspace, its main competitor, was even more poorly designed and marketed.
Embracing “the hacker way” made Facebook what it is today.
It blows my mind it could be worth anything… let alone as much as Wall Street will soon bestow it.
Social Media is Important
Social media, however, is a concept of the technology age whose time has come. Of that, there is no doubt. Its played a significant roll in the Arab Spring, through Twitter, and other social media movements.
Instant access to information, through technology, has empowered the individual in ways never before possible. That is the strength of Internet social media.
The AOL Lesson
The Facebook IPO reminds me back when AOL bought Time-Warner in the year 2000. At the time I could not imagine how AOL, with no real tangible assets, could buy an established brick-and-mortar company like that, but it did.
It was at the peak of the Internet rise to world consciousness.
The Net has changed the world of information as we know it. The Net has empowered individuals, through pure information, over governments and corporations and tyranny.
That is all for the good, but not all Net applications are good.
Facebook is the next AOL… anyone remember how AOL has faded to nothing while Time-Warner reacquired its own company and moved on?
How soon we forget!
I predict that Facebook, like AOL and Myspace before it, will disappear off the face of the earth once someone designs a decent social media web site that will drain Facebook’s customers by the 10s of millions in a short period of time.
I predict Facebook’s downfall for these reasons:
- HORRIBLE design
- Retains ownership of all it’s clients data
- Hidden violations of personal privacy for profit