"Now a mole tells us that in an effort to restore Accel to its former glory, Breyer and his partners are throwing a lot of junk against the wall and hoping that something sticks."
"The case in point is thefacebook, a college social networking site, that was recently in the midst of raising a round from "an East coast media firm" at an already bubble-like valuation, when Accel swooped in and jacked up both the valuation and the size of the investment. We've seen the supposed figures - they make us dizzy. We don't know if the deal has been finalized."
Facebook CEO (one of 5 co-founders of the company), Mark Zuckerburg was at Harvard studying Psycholoy from 2002 - 2004 when he moved out to San Francisco to grow thefacebook (sounds like pud's move to SF to grow adbrite)
Check out traffic growth of thefacebook. Traffic rank for the site has jumped 556 places to #275 on alexa.
The site still has no business model and is no where near the traffic level of myspace. Time will tell if Accel and/or other VCs made the right investment at such a high valuation.
No comments:
Post a Comment