Content-type: text/html Downes.ca ~ Stephen's Web ~ It's Becoming Clear That No One Actually Read Facebook's IPO Prospectus

Stephen Downes

Knowledge, Learning, Community

I have to admit, I have been laughing quietyly to myself at investors who bought Facebook stock at the IPO price and then watched as most of their investment vanished into the aether. Though that said, I'm sure there must be better uses for the mountains of cash being hoarded by the world's companies than to just burn it away (they could, for example, give it to me). And I can't say I've thought much of Facebook either, as they have seemed more interested in commoditizing the social graph than in creating anything the rest of us can use. But reading this article - and actually reading Mark Zuckerberg's letter to investors for the first time - makes me feel better about the whole thing. As Zuckerberg writes, "Facebook was not originally created to be a company. It was built to accomplish a social mission — to make the world more open and connected... we don't build services to make money; we make money to build better services. And we think this is a good way to build something." Well. Whether or not I agree with Zuckerberg's mission exactly, I do agree with the idea of a company designed to do something other than make money. Because, you know, existing only to make money is antisocial.

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Stephen Downes Stephen Downes, Casselman, Canada
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Last Updated: Dec 25, 2024 08:42 a.m.

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