Saturday, April 21, 2007

Yahoo Makes 1 Billion Offer

Article By Fast Company.com

Mark Zuckerberg’s life so far is like a movie script. A super smart kid invents a tech phenomenon while attending an Ivy League school and launches it to rave reviews. Big shots circle his dorm to make his acquaintance; he drops out of college to grow his baby and Change The World As We Know It.
Just three years in, Facebook which started as a networking site for college students has become a go-to tool for 19 million registered users, including employees of government agencies and Fortune 500 companies.
According to comScore Media Metrix, which tracks Web activity, it is now the sixth most-trafficked site in the United States–1% of all Internet time is spent on Facebook. ComScore also rates it the number-one photo-sharing site on the Web, with 6 million pictures uploaded daily. And it is starting to compete with Google and other tech titans as a destination for top young engineering talent in Silicon Valley. Debra Aho Williamson, a senior analyst at eMarketer, says it is on track to bring in $100 million in revenue this year–serious money indeed.
The New York Times and others reported that Yahoo had made a $1 billion offer to buy Facebook and Zuckerberg and his partners had turned it down.
“I’m here to build something for the long term,” Zuckerberg says. “Anything else is a distraction.”