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MySpace CoFounder Says Purchase Was A Scam

Zonk posted more than 7 years ago | from the missing-a-few-pennies-here dept.

214

Jonathan writes "Brad Greenspan says he's the real founder of MySpace, not Tom, and the sale of MySpace to News Corp. was a criminal act. In a nine-chapter report, he describes how this was accomplished by hiding the value of the site from Intermix Media's shareholders." From the article: "How was News Corp able to turn $327 million into $20 billion or more of value within a year? The Myspace/Intermix transaction was so low compared to other internet transactions that it is raising eyebrows by analysts and media everywhere. Everyone seems to be asking how News Corp. got such a good deal. It seems too good to be true! After signing the transaction to buy Myspace & Intermix (but prior to the closing), News Corp. itself even showed how strangely little it had paid for Myspace by immediately paying $3.99 per monthly page view for slow growing comparable IGN. News Corp. paid only .03 cents per monthly page view for the hyper fast growing Myspace. Therefore, we can conclude that the fair value of Myspace was 100x or more what News Corp. paid! "

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fp (-1, Flamebait)

cmdrtacoe (1009851) | more than 7 years ago | (#16328115)

SIPE says: LastMeasure hits the 100000 watermark LastMeasure hits the 100000 watermark Zeikfried - Reuters, Nigeria In a self congratulatory press conference described by one historical analyst as to be "worth 10 Dresdens", the now world famous egalitarians of the Gay Nigger Association of America announced to the worlds press that their highly successful open source lastmeasure project has now reached over one hundred thousand homes across the world. Amidst a snowstorm of tickertape and parade like festivity, Penisbird, one of the founders of the LastMeasure project, screeched triumphantly from his now gold plated dong perch that the exponental growth of the sought after shock site can only continue. And even those outside the GNAAs dark skinned sphere of influence can only agree, in the face of the cutting edge "xangadot" marketing techniques applied by GNAA LM sales reps Incog, Saturn, Trake, qat, and Zeikfred Tuvai. The sheer ferocity of the xangadot effect has caught many by surprise, none more so than xanga spokesperson AzN_ThuG_08, who was quoted as saying "MUTHAFUCKA TAKE DOWN MAH SITE...BITCH IM LETTIN U...FUCK DIS SITE AND FUCK U TOO. I CAN MAKE A NEW ONE I GOT THA TIME u stupid muthafucka" before driving his nitroglycerin laced riced up honda into GNAA Headquarters in a suicidal and dastardly attempt to decapitate the GNAA leadership. Thankfully the 140 decibel exhaust of the now vapourised vehicle allowed the surrounding buildings to be evacuated several minutes before the atrocity took place. Speaking from his converted 1970's brothel, overpaid financial analyst Gary Niger told Reuters, "The effects of what has been dubbed the 'Open Source Final Solution' can be felt in almost every area of digital society. A striking example of this would be the once worthless .info TLD being re-energised with a huge cash and semen injection from the GNAA LastMeasure project, punctuated by Netcrafts recent confirmation that the GNAA has now gained a massive controlling stake in .info over the course of the past 2 months". Can this momentum continue? Or has LastMeasure reached its unsurpassable xenith, with the only way left down? GNAA President timecop refused to comment, instead choosing to bathe naked in a pool of Yen laughing insanely. The future seems bright. About LastMeasure: A primitive version of LastMeasure was concieved by Penisbird of the GNAA after playing with an AIM utility named AIM Invader. It offered Penisbird a myriad of ways to crash AIM clients. By far the most powerful crash was the "last measure" crash, which would inundate an AIM client with file transfer requests, buddy list sends, messages full of smileys and colors, until the AIM client crashed due to lack of RAM. The LastMeasure site originally consisted of Penisbird, Goatse, Tubgirl, Lemonparty, and Shitfaced Lady. But has expanded to include many other of the internets treasured icons. And with the addition of StatsMeasure, the clipboard data of thousands of unwitting victims has now been exposed for the world to see. For more information about LastMeasure, visit the official website, LastMeasure.com LastMeasure is licensed under the BSD Version 2 License. About GNAA: GNAA (GAY NIGGER ASSOCIATION OF AMERICA) is the first organization which gathers GAY NIGGERS from all over America and abroad for one common goal - being GAY NIGGERS. Are you GAY? Are you a NIGGER? Are you a GAY NIGGER? If you answered "Yes" to all of the above questions, then GNAA (GAY NIGGER ASSOCIATION OF AMERICA) might be exactly what you've been looking for! Join GNAA (GAY NIGGER ASSOCIATION OF AMERICA) today, and enjoy all the benefits of being a full-time GNAA member. GNAA (GAY NIGGER ASSOCIATION OF AMERICA) is the fastest-growing GAY NIGGER community with THOUSANDS of members all over United States of America and the World! You, too, can be a part of GNAA if you join today! Why not? It's quick and easy - only 3 simple steps! First, you have to obtain a copy of GAYNIGGERS FROM OUTER SPACE THE MOVIE and watch it. You can download the movie (~130mb) using BitTorrent. Second, you need to succeed in posting a GNAA First Post on slashdot.org, a popular "news for trolls" website. Third, you need to join the official GNAA irc channel #GNAA on irc.gnaa.us, and apply for membership. Talk to one of the ops or any of the other members in the channel to sign up today! Upon submitting your application, you will be required to submit links to your successful First Post, and you will be tested on your knowledge of GAYNIGGERS FROM OUTER SPACE. If you are having trouble locating #GNAA, the official GAY NIGGER ASSOCIATION OF AMERICA irc channel, you might be on a wrong irc network. The correct network is NiggerNET, and you can connect to irc.gnaa.us as our official server. Follow this link if you are using an irc client such as mIRC. If you have mod points and would like to support GNAA, please moderate this post up.

Re:fp (5, Funny)

gnaa323 (1001568) | more than 7 years ago | (#16328419)

THat does it... I'm deleting Tom from my "friends list!!!!!!"

Re:fp (1, Funny)

erikdotla (609033) | more than 7 years ago | (#16328581)

That is the funniest thing I have ever read, mainly for the mental picture of the coked-up teenager that wrote it.

It's racist so I should feel sorry for him, or outraged. But it's so nonsensical and all over the map that it's hard to think the author is actually racist, I can only picture that he resembles that hyped-up coffee drinking kid from South Park.

But seriously, I've never laughed harder at a slashdot forum post.

Don't mod his as Flamebait. This guy is an internet treasure.

Formatting corrected (-1, Offtopic)

Anonymous Coward | more than 7 years ago | (#16328897)

ok it's a troll, but it's a funny troll. I think this is how the author meant it to look, judging by the source.

LastMeasure hits the 100000 watermark
LastMeasure hits the 100000 watermark
Zeikfried - Reuters, Nigeria

In a self congratulatory press conference described by one historical analyst as to be "worth 10 Dresdens", the now world famous egalitarians of the Gay Nigger Association of America announced to the worlds press that their highly successful open source lastmeasure project has now reached over one hundred thousand homes across the world.

Amidst a snowstorm of tickertape and parade like festivity, Penisbird, one of the founders of the LastMeasure project, screeched triumphantly from his now gold plated dong perch that the exponental growth of the sought after shock site can only continue. And even those outside the GNAAs dark skinned sphere of influence can only agree, in the face of the cutting edge "xangadot" marketing techniques applied by GNAA LM sales reps Incog, Saturn, Trake, qat, and Zeikfred Tuvai.

The sheer ferocity of the xangadot effect has caught many by surprise, none more so than xanga spokesperson AzN_ThuG_08, who was quoted as saying "MUTHAFUCKA TAKE DOWN MAH SITE...BITCH IM LETTIN U...FUCK DIS SITE AND FUCK U TOO. I CAN MAKE A NEW ONE I GOT THA TIME u stupid muthafucka" before driving his nitroglycerin laced riced up honda into GNAA Headquarters in a suicidal and dastardly attempt to decapitate the GNAA leadership. Thankfully the 140 decibel exhaust of the now vapourised vehicle allowed the surrounding buildings to be evacuated several minutes before the atrocity took place.

Speaking from his converted 1970's brothel, overpaid financial analyst Gary Niger told Reuters, "The effects of what has been dubbed the 'Open Source Final Solution' can be felt in almost every area of digital society. A striking example of this would be the once worthless<nobr> <wbr></nobr>.info TLD being re-energised with a huge cash and semen injection from the GNAA LastMeasure project, punctuated by Netcrafts recent confirmation that the GNAA has now gained a massive controlling stake in<nobr> <wbr></nobr>.info over the course of the past 2 months".

Can this momentum continue? Or has LastMeasure reached its unsurpassable xenith, with the only way left down? GNAA President timecop refused to comment, instead choosing to bathe naked in a pool of Yen laughing insanely. The future seems bright.

About LastMeasure:

A primitive version of LastMeasure was concieved by Penisbird of the GNAA after playing with an AIM utility named AIM Invader. It offered Penisbird a myriad of ways to crash AIM clients. By far the most powerful crash was the "last measure" crash, which would inundate an AIM client with file transfer requests, buddy list sends, messages full of smileys and colors, until the AIM client crashed due to lack of RAM.

The LastMeasure site originally consisted of Penisbird, Goatse, Tubgirl, Lemonparty, and Shitfaced Lady. But has expanded to include many other of the internets treasured icons. And with the addition of StatsMeasure, the clipboard data of thousands of unwitting victims has now been exposed for the world to see.

For more information about LastMeasure, visit the official website, LastMeasure.com

LastMeasure is licensed under the BSD Version 2 License.


About GNAA:
GNAA (GAY NIGGER ASSOCIATION OF AMERICA) is the first organization which gathers GAY NIGGERS from all over America and abroad for one common goal - being GAY NIGGERS.

Are you GAY?
Are you a NIGGER?
Are you a GAY NIGGER?

If you answered "Yes" to all of the above questions, then GNAA (GAY NIGGER ASSOCIATION OF AMERICA) might be exactly what you've been looking for!
Join GNAA (GAY NIGGER ASSOCIATION OF AMERICA) today, and enjoy all the benefits of being a full-time GNAA member.
GNAA (GAY NIGGER ASSOCIATION OF AMERICA) is the fastest-growing GAY NIGGER community with THOUSANDS of members all over United States of America and the World! You, too, can be a part of GNAA if you join today!

Why not? It's quick and easy - only 3 simple steps!

First, you have to obtain a copy of GAYNIGGERS FROM OUTER SPACE THE MOVIE and watch it. You can download the movie (~130mb) using BitTorrent.
Second, you need to succeed in posting a GNAA First Post on slashdot.org, a popular "news for trolls" website.
Third, you need to join the official GNAA irc channel #GNAA on irc.gnaa.us, and apply for membership.
Talk to one of the ops or any of the other members in the channel to sign up today! Upon submitting your application, you will be required to submit links to your successful First Post, and you will be tested on your knowledge of GAYNIGGERS FROM OUTER SPACE.

If you are having trouble locating #GNAA, the official GAY NIGGER ASSOCIATION OF AMERICA irc channel, you might be on a wrong irc network. The correct network is NiggerNET, and you can connect to irc.gnaa.us as our official server. Follow this link if you are using an irc client such as mIRC.

If you have mod points and would like to support GNAA, please moderate this post up.

Sounds like sour grapes (5, Interesting)

Scott Lockwood (218839) | more than 7 years ago | (#16328123)

How can you illegally sell a company? Surely both parties had to agree, right? If I agree to sell you my house for $20, I can't come back later and claim fraud. How, if both Tom, and this guys company agreed to the sale, can it now be fraud?

Re:Sounds like sour grapes (5, Informative)

drcagn (715012) | more than 7 years ago | (#16328177)

What if _I_ sell your house for $20? In that case, yes, you can come back later and claim fraud--I didn't own your house. Note: I didn't RTFA, it seems to be /.ed already. But that seems to be what the summary makes it sound like.

If he were in Canada (4, Informative)

Solandri (704621) | more than 7 years ago | (#16329319)

In Ontario, Canada, he would be out of a house [thestar.com] .

Re:Sounds like sour grapes (0)

hotdiggitydawg (881316) | more than 7 years ago | (#16328219)

Not to mention his mathematics are suspect: 3.99 is 133 times 0.03, not 100...

Re:Sounds like sour grapes (2, Informative)

colonslashslash (762464) | more than 7 years ago | (#16328299)

His mathematics are further off than that, the summary says 0.3 cents, not 3 cents ($0.03 as you used).

Typo (1)

colonslashslash (762464) | more than 7 years ago | (#16328361)

.03 cents *

Re:Sounds like sour grapes (1, Funny)

hotdiggitydawg (881316) | more than 7 years ago | (#16328427)

C'mon, this is Slashdot. Next you'll be expecting me to read the articles too!

Re:Sounds like sour grapes (1)

smilindog2000 (907665) | more than 7 years ago | (#16328583)

Sure, if it could withstand the /. effect!

Re:Sounds like sour grapes (5, Informative)

Chris Graham (942108) | more than 7 years ago | (#16328239)

From a brief scan of the article, I get the impression those running the company wanted to sell the company fast so that they'd cash in before their prior misdealings were revealed. The other shareholders were deceived to the true value of the company, so the fraud is between those running the company and the other shareholders.

Re:Sounds like sour grapes (1, Informative)

spammyd (714691) | more than 7 years ago | (#16328343)

remember this was at the time there was alot of bad press about 35 year old freaks meeting up with 15 yr old high school kids and there was a threat of myspace type sites being shut down

Re:Sounds like sour grapes (2, Interesting)

plantman-the-womb-st (776722) | more than 7 years ago | (#16328587)

Funny how those such storys only came about *after* Murdock bought MySpace. Also funny how those those story *all* seem to originate on media sources also own by Murdock. And it's amazing how MySpaces web traffic has *skyrocketed* due to all the media attention.

Re:Sounds like sour grapes (5, Funny)

God'sDuck (837829) | more than 7 years ago | (#16329157)

Also funny how those those story *all* seem to originate on media sources also owned by Murdoch.
By "media sources owned by Murdoch," do you mean "television," "radio," or "congress"?

Re:Sounds like sour grapes (1, Offtopic)

benzapp (464105) | more than 7 years ago | (#16328801)

Umm, what's so freaky about 35 year old men hooking up with 15 year olds? This is pretty standard in most of the world, and was in the US as well.

Re:Sounds like sour grapes (0, Troll)

waynelorentz (662271) | more than 7 years ago | (#16329131)

This message brought to you by NAMBLA.

Seriously, though...

35-year-old men hooking up with 15-year-olds is ILLEGAL in the United States.

And it's getting really old to hear people with marginal morals saying, "well... everyone else in the world does it!" That was the whole point of founding the United States -- we didn't want to be like the rest of the world (well, Europe) anymore.

Don't like the law -- change it, or move. There are plenty of countries where it's perfectly fine for a grown man to sodomize a child. It's not OK in the United States.

Re:Sounds like sour grapes (0, Offtopic)

Moofie (22272) | more than 7 years ago | (#16329261)

"It's not OK in the United States."

Unless you're a Republican. And then it's the Democrats' fault for telling on you.

Re:Sounds like sour grapes (1)

kfg (145172) | more than 7 years ago | (#16328293)

How, if both Tom, and this guys company agreed to the sale, can it now be fraud?

If Tom is not the owner, but merely the agent of the owner(s); and illegally provided (or failed to provide) information to the actual owner(s).

If I agree to sell you my house for $20, I can't come back later and claim fraud.

You can if your real estate agent colluded with the buyer and the engineer to provide you with a falsified evaluation of the the condition of your house.

KFG

Re:Sounds like sour grapes (2, Informative)

Anonymous Coward | more than 7 years ago | (#16328329)

Actually selling your house under market value is illegal as it is tax avoidance, here in Australia anyway.

Tax avoidance (1)

nuggz (69912) | more than 7 years ago | (#16328469)

In Ontario when you sell a house below market value (eg gift it to family) you pay tax as though you sold it at market value.

Of course we have a fucked up market value system where they decide how much your house is worth, forgetting that it's only really worth what someone will pay.

Re:Sounds like sour grapes (3, Insightful)

monkeydo (173558) | more than 7 years ago | (#16328367)

The company being sold was a corporation, so most likely, only a majority of the board of directors (and possibly the shareholders) had to agree to the sale. Greenspan was a minority shareholder, and apparantly was opposed to the sale. He can sue on the basis that the sale was improper and deprived him as a minority shareholder of some rights. Since there was apparantly a higher per-share offer made, he can argue that the board breached its duty to the shareholders by not taking the higher offer. The board probably has a lot of leeway, and Greenspan will have a hard row to hoe, but there's certainly a possibility that he's right, especially if the board misled the shareholders.

Re:Sounds like sour grapes (0)

vertinox (846076) | more than 7 years ago | (#16328375)

If I agree to sell you my house for $20, I can't come back later and claim fraud.

Well if you said the kitchen sink magically dispensed orange soda and I gave you the $20 for the sole purpose of owning a house that dispensed orange soda, and as soon as I hand you the money and rush into the kitchen only to find the sink dispensing rotten yogurt... I'm going to ask my money back.

Same here... You can sell something and claim it has "X" value and does "X" amount of whatever action and I buy it and it does't work, the buyer does have some type of recourse because in the contract you said it claimed to do those things...

I would think Newscorps lawyers reviewed the sale with a fine tooth comb.

Re:Sounds like sour grapes (0)

Anonymous Coward | more than 7 years ago | (#16328733)

Haha, please at least TRY to RTFA next time. You couldn't be more turned around about what this article is about if you tried!

Re:Sounds like sour grapes (2, Informative)

Sabaki (531686) | more than 7 years ago | (#16328765)

I would think Newscorps' lawyers reviewed the sale with a fine tooth comb.

They most likely did, but a) they might not have had the technical expertise to understand the issues and b) as the buying party (who would benefit from the discount), they had millions, if not billions of reasons to overlook the problems.

Re:Sounds like sour grapes (0)

Anonymous Coward | more than 7 years ago | (#16328379)

How, if both Tom, and this guys company agreed to the sale, can it now be fraud?

If they fell for a deeption. Duh. Theft involves taking something that belongs to someone else. Fraud involves tricking them into letting you have it. That's simplified, yes, but anyone who can't understand how someone who agreed to something can then call it fraud has NO IDEA AT ALL what fraud is.

Re:Sounds like sour grapes (5, Informative)

Spazmania (174582) | more than 7 years ago | (#16328471)

If I agree to sell you my house for $20, I can't come back later and claim fraud.

Actually, you can. And you can even win the point in court. You basically say, "Your honor, there's no reasonable way I could have agreed to sell my house for $20. This was not intended to be a gift and comperable homes are worth $500,000. The contract is unconscionable and should be voided."

The court then agrees that the contract is unconscionable and voids the sale.

There is a famous case involving a cow that was supposed to be sterile but had a calf a few months after the purchase. I forget the name of it. The seller thought he was selling a sterile cow and priced it accordingly. When he found out it wasn't, he asked for more money. When the buyer refused saying, "Hey, I thought the cow was sterile too. Tough luck." So the seller sued and won.

Re:Sounds like sour grapes (1)

Fred Ferrigno (122319) | more than 7 years ago | (#16328917)

There is a famous case involving a cow that was supposed to be sterile but had a calf a few months after the purchase. I forget the name of it. The seller thought he was selling a sterile cow and priced it accordingly. When he found out it wasn't, he asked for more money. When the buyer refused saying, "Hey, I thought the cow was sterile too. Tough luck." So the seller sued and won.

That's a horrible example that frankly pisses me off a little. Imagine if the situation were reversed: the cow is sold at the going rate for a fertile cow. Later, the buyer discovers that the cow is sterile. The seller would claim the cow was sold "as-is" or some nonsense and chances are the court would decide in the seller's favor. If you've ever bought a car only to have repair something a month later, you know what I mean. If you're citing the case correctly, I think it was a completely screwed up decision.

Re:Sounds like sour grapes (1)

Kaenneth (82978) | more than 7 years ago | (#16328663)

Not if you are in the middle of divorcing your wife, and give her $10 as her half of the house.

Re:Sounds like sour grapes (1, Insightful)

Anonymous Coward | more than 7 years ago | (#16328837)

Brad did happen to make $47 million for his share in the company. Now granted, that's a lot less than the $470 million he apparently thinks he's owed.

Not bad for someone who was investigated by Elliot Spitzer for SEC violations :)

At the tender age of 30...

Re:Sounds like sour grapes (1)

exp(pi*sqrt(163)) (613870) | more than 7 years ago | (#16329009)

If I agree to sell you my house for $20, I can't come back later and claim fraud
If you sell someone your house for $20 then anyone who isn't a little suspicious of this transaction needs their head examined.

Re:Sounds like sour grapes (0)

Anonymous Coward | more than 7 years ago | (#16329365)

If I agree to sell you my house for $20, I can't come back later and claim fraud.

I have absolutely no idea how different legal systems handle such a situation, but I wouldn't be surprised to find that a provision for the legality or enforceability of a contract is that both sides have to somehow add up, or at least approximate each other. In the case of a physical object with quantifiable value it should be possible to work this out. In the case of a company like Myspace, whose value is either imaginary or unknown, that is a lot harder.

If you were to sell your house for $20, while its actual value is immensely higher (I hope, I don't know your house), then people might have to assume that you're utterly out of your mind. So much so out of your mind that you need protection from getting royally screwed. You might of course have a good reason for doing such a thing, but those good reasons somehow need to be taken into account. Maybe it's an altruistic thing and $20 is just a symbolic sum. Maybe it's a nefarious marketing scheme. I honestly can't think of anything that would be a good reason, but if house for $20 is all there is to the exchange then I wouldn't be surprised if you can't at least come back later and claim insanity.

As I said, it is possible to put a definite value on physical goods. It is not so easy to put a definite value on corporations. If the accuser in TFA compares the price that was paid for IGN, which is basically a publication where most of the pages that are viewed are created by paid staff, to the price that was paid for Myspace, where most of the pages that are viewed have garish backgrounds and too many videos playing at once, then he is not really convincing me of anything. I can't say that Myspace wasn' sold too cheaply, I can't say that the dealings were not shady. I can however believe, that someone at some point pulled a number out of his ass and decided that this is what Myspace was worth. Brad Greenspan pulled some other numbers out of some other ass and is calling fraud? He might be right, but as you said: "Surely both parties had to agree, right?" And unlike your real-estate example, in dealings between corporations it's really hard to argue temporary insanity.

Honestly, though, I have really no idea what I am talking about. I just thought that your house-analogy was appallingly poor and tried to point out why I thought so. I know next to nothing about contract-law. Even less about the American variety. To me the web 2.0 madness doesn't seem all that different from what we all observed when the bubble burst back in the day. It is however reassuring to know that it takes a people about 5 years to regenerate their ability for bottomless greed.

Boo hoo (1, Insightful)

LiquidCoooled (634315) | more than 7 years ago | (#16328149)

Stop whining you miserable bastard, you made millions of dollars.

I once sold a computer for peanuts and saw its value rocket the day afterwards.
Should I consider myself a victim?

Re:Boo hoo (1)

MetalliQaZ (539913) | more than 7 years ago | (#16328163)

how does an existing computer's value skyrocket?

-d

Re:Boo hoo (3, Funny)

Anonymous Coward | more than 7 years ago | (#16328255)

there was a treasure map inside.

duh.

Re:Boo hoo (1)

LiquidCoooled (634315) | more than 7 years ago | (#16328337)

It was actually my Amiga 500 which worked with games MUCH better than the 500+ which Commodore had replaced it with.
The 500+ was not compatible with lots of games and since the original 500 was not available they went up in value.

Granted it was shortlived, but for about 6 months after I sold my original 500 I was offered larger and larger sums of money to find one.

God I was a pimply faced youth back then.

Re:Boo hoo (1)

42Penguins (861511) | more than 7 years ago | (#16328393)

It becomes so old it's considered "retro," I suppose.

Re:Boo hoo (1)

CthulhuDreamer (844223) | more than 7 years ago | (#16329147)

How does an existing computer's value skyrocket?

Several monthss after Apple discontinued their PowerMac 9600 models, a batch was discovered in a warehouse and the mail order companies sold them off for $1700. The 9600 was the last model with six PCI slots, and some of the film production hardware used all six slots. Within six months, used PowerMacs were selling on eBay for $3500-$4500 because the movie studios continued to accumulate them. (I purchased a truckload during the $1700 firesale, and the studios were nice enough to cough up the down payment for my house.)

Re:Boo hoo (0)

Anonymous Coward | more than 7 years ago | (#16328693)

I once sold a computer for peanuts and saw its value rocket the day afterwards. Should I consider myself a victim?
A victim of stupidity, perhaps.

Re:Boo hoo (2, Insightful)

Kelson (129150) | more than 7 years ago | (#16328713)

I once sold a computer for peanuts and saw its value rocket the day afterwards. Should I consider myself a victim?

Similar story: A couple of years ago I upgraded the motherboard, CPU and RAM on my main PC. I then shifted the old mobo/CPU/RAM to my spare "expendable" system. The hardware I took out of that system was old enough (the CPU was a K6-2), and wouldn't work with anything else I had, that I figured I'd just sell the lot on eBay rather than break it up any further.

Silly me, as I discovered during the auction that people were surprisingly interested in it... and that auctions for equivalent RAM were selling for quite a bit more. It seems that the type of RAM was getting hard to find, and therefore in higher demand, so people who took the effort to look at the item description figured they were getting a great deal. I probably could've made three times as much if I'd split the set apart and sold the RAM separately (and clearly labeled).

Was I a victim of eBay, or of the bidders? Nope, just a victim of my own lack of research.

In hindsight (5, Funny)

iknowcss (937215) | more than 7 years ago | (#16328151)

In hindsight, yes. Yes it was a horrible scam, but then again I meant to invest in Billy Gates when he worked out of his garage. Dammit Gates! You owe me billions!

Yeah! (5, Funny)

Jello B. (950817) | more than 7 years ago | (#16328159)

And I'm the founder of Slashdot. Where's my money?

News corp got ripped off... (5, Insightful)

Monkelectric (546685) | more than 7 years ago | (#16328161)

Myspace will ultimately be worth nothing. Myspace is already past the height of its popularity, its just coasting on momentum which will run out eventually.

Re:News corp got ripped off... (0)

Anonymous Coward | more than 7 years ago | (#16328357)

Sure, it will eventually run out of popularity, but will that be before it makes back what they paid for it?

Re:News corp got ripped off... (2, Funny)

dedazo (737510) | more than 7 years ago | (#16328477)

Shweet, I can almost sense all the upcoming Slashdot articles about MySpace that include the term "beleaguered". Just one question though - is there such a thing as a MySpace "fanboy"? If so I'm going to have to upgrade the asbestos suit I used for the Apple ones.

Re:News corp got ripped off... (1)

TheRaven64 (641858) | more than 7 years ago | (#16328501)

And everyone gets ripped off when they fill up their car. The fuel will eventually be gone again.

The idea is to make enough by driving the car to work (for example) that you make more than you paid for the fuel.

Re:News corp got ripped off... (1, Insightful)

Anonymous Coward | more than 7 years ago | (#16328517)

"Myspace will ultimately be worth nothing."

The computer I'm typing on will ultimately be worth nothing; however, if while I have it, I am able to use it to generate more money than I paid for it, I win.

Re:News corp got ripped off... (1)

L7_ (645377) | more than 7 years ago | (#16328585)

Fox is supposedly hiring 300 new software engineers to work on reengineering the site. As long as they can keep thier userbase and allow them thier geocities like pages, friendster-like friends lists, and allow indie bands to upload thier music for electrionic distribution then they probably won't be going anywhere.

However, since http://facebook.com/ [facebook.com] is now open to everyone; everyone i know is now using that for thier social networking needs.

Re:News corp got ripped off... (0, Flamebait)

benzapp (464105) | more than 7 years ago | (#16328851)

No one uses facebook except kids in college or recent college grads. It is useless. It serves no purpose and will disappear in 2 years.

Re:News corp got ripped off... (1)

Mia'cova (691309) | more than 7 years ago | (#16328953)

Lack of use outside of college groups might have something to do with the fact that it has only been open to everyone for a week or two. As for being useless, I'm just not going to address that.

Re:News corp got ripped off... (1)

SoupGuru (723634) | more than 7 years ago | (#16328591)

I'm cool. You know how cool I am? I'm so cool that I *don't* have a myspace page, that's how cool.

Re:News corp got ripped off... (1)

jbrader (697703) | more than 7 years ago | (#16328941)

And here I was thinking I was the only person left who didn't have one. We are cool.

kids today got it easy (0)

Anonymous Coward | more than 7 years ago | (#16329323)

A "myspace" page, oh, whoopedy zing, how hard is that? Type some stuff, upload..wow, musta used up half a twinkie worth of calories. Careful, you might get a finger-hernia! Why, back in the day, the only "space" we had that was "ours" was the space where you stood in line for your daily beating after spending 25 hours down in the badger mines! And we.. well, we didn't like it but we put up with it!

Re:News corp got ripped off... (0)

Anonymous Coward | more than 7 years ago | (#16328683)

I will ask my 13yr old and her friends to try and click a little more, I think that will bring the revenue right up ;-)

Re:News corp got ripped off... (1)

Kelson (129150) | more than 7 years ago | (#16328751)

Myspace is already past the height of its popularity


I should've realized it was past its peak the moment I started considering getting an account. I'm so far behind the curve on every fad, it should've tipped me off immediately!

Re:News corp got ripped off... (1)

whathappenedtomonday (581634) | more than 7 years ago | (#16328827)

which will run out eventually.

yeah, as soon as the world runs out of pubescent teenagers, pedophiles and greedy VCs / media corporations.

Re:News corp got ripped off... (2, Insightful)

B11 (894359) | more than 7 years ago | (#16328915)

I think you're underestimating the momentum this monster has. I mean it really is the easiest way to "social network" right now. Even if something better comes along, it would have to be VERY appealing to slay the beast. I mean look at how long AOL overstayed their welcome.

Re:News corp got ripped off... (2, Interesting)

moochfish (822730) | more than 7 years ago | (#16329101)

Myspace will ultimately be worth nothing. Myspace is already past the height of its popularity, its just coasting on momentum which will run out eventually.


Why does that get rated insightful? You might as well start claiming Yahoo hit its peak and is only coasting on momentum too. Look at the alexa [alexa.com] stats. I don't see any overall decline in myspace. It's had a solid year of growth. There's no way to conclude it's about to tumble into oblivion. In fact, the whole idea is that social networking IS about momentum -- once you have it, it's hard to lose it.

Netcraft Confirms it: MySpace is dying. (5, Funny)

Pharmboy (216950) | more than 7 years ago | (#16329235)

Netcraft Confirms it: MySpace is dying.

Yet another crippling bombshell hit the beleaguered social networking site today when recently discovered that its marketshare has begun to seriously slip, due to mainly to other sources of personal videos, such as Google's own service and uTube, combined with modern teenager's lackluster desire to socially network. Current random surveys indicate that a large number of new user signups over the last 3 months have mainly been middle aged single men and U.S. Senators.

You don't have to be a genious to see the writing on the wall: All the teenagers that want to be on MySpace already have accounts, and there simply aren't enough pre-teens coming of age to maintain this rate of growth. The future of MySpace is indeed bleak.

When asked for comment, MySpace founder Brad Greenspan replied "look, I just need a few weeks before you print this..."

MySpace still on the upswing (1)

panaceaa (205396) | more than 7 years ago | (#16329403)

The number of people searching for MySpace and related properties on Google is still in a nice uptrend, indicating that MySpace is continuing to grow.

Google Trends search: [google.com] http://www.google.com/trends?q=myspace [google.com]

Nice attempt at making up data on your own, though. Maybe it'll work next time.

Please let this be true! (1)

daeg (828071) | more than 7 years ago | (#16328171)

While I assume this lawsuit will go nowhere, I hope the judge sets up an injunction against MySpace and forces them to stop their servers while the lawsuit proceeds.

And why will the lawsuit go nowhere? You, as shareholders, are investing in the company. Unless you have a controlling share, you have little control over the company. You invested in their ability. When they sell out for less than you hoped, you obviously invested in stupid people. Stupid people give stupid results, regardless of the industry.

Minority rights (1)

nuggz (69912) | more than 7 years ago | (#16328275)

Actually even minority shareholders have rights at least in the US.

Quite often there are lawsuits against the company or management for actions against the best interest of the shareholder.

Re:Minority rights (2, Interesting)

jfengel (409917) | more than 7 years ago | (#16328799)

Really? I was under the impression that corporate governance was a serious problem. Management has considerable authority to run shareholders meetings, and it's very difficult for even majority shareholders to remove members of the board of directors.

My source for a lot of this is an article from The Economist back in May (link [slashdot.org] , but you'll probably have to pay to read it.) Basically, it says that although shareholders have considerable rights in theory, in practice the rules are set up to favor management. This is considered a good thing in some circles, who believe that professional management should trump non-expert shareholders, but in at least some cases it makes accountability difficult.

Math? (0)

Anonymous Coward | more than 7 years ago | (#16328179)

$3.99 / .03 cents = 13300, vastly more than 100x.

Re:Math? (1)

kaen (38872) | more than 7 years ago | (#16328335)

3.99 / .03 = 133

Re:Math? (1)

porcupine8 (816071) | more than 7 years ago | (#16328389)

Yes, but the article didn't say $.03, it said .03 cents. Which would be 3/10000s of a dollar. It seems to have meant $.03, but they could have just as easily actually paid .03c for all we know, so precision is needed. Definitely one of my pet peeves, guess the AC shares it.

Re:Math? (0)

Anonymous Coward | more than 7 years ago | (#16328473)

You're mixing units.

If I had that much money.... (5, Funny)

suparjerk (784861) | more than 7 years ago | (#16328189)

If I had that much money, I'd consider buying MySpace just so I could shut it down.

Ok, who's the wise guy? (5, Funny)

shoolz (752000) | more than 7 years ago | (#16328205)

Who's holding down the F5 key on the article's site?

Re:Ok, who's the wise guy? (5, Funny)

iknowcss (937215) | more than 7 years ago | (#16328259)

Sorry

Hmmm, were there any Ferrari Enzo's involved? (-1)

Anonymous Coward | more than 7 years ago | (#16328207)

Did Stefan Erickson have any part in this transaction? Perhaps it was really Dieter that started the company? Either way, Chewbaca shot first!

Not quite worth that much.. (1)

JapaneseChipmonk (771204) | more than 7 years ago | (#16328229)

"News Corp. itself even showed how strangely little it had paid for Myspace by immediately paying $3.99 per monthly page view for slow growing comparable IGN. News Corp. paid only .03 cents per monthly page view for the hyper fast growing Myspace. Therefore, we can conclude that the fair value of Myspace was 100x or more what News Corp. paid!" Based on that criteria, SmileyCentral must be worth a fortune!

.ed but wtf (0)

Anonymous Coward | more than 7 years ago | (#16328297)

News Corp. itself even showed how strangely little it had paid for Myspace by immediately paying $3.99 per monthly page view for slow growing comparable IGN. News Corp. paid only .03 cents per monthly page view for the hyper fast growing Myspace. Therefore, we can conclude that the fair value of Myspace was 100x or more what News Corp. paid!


Surely myspace.com's hit count is WAY higher than ign's, skewing this statistic severely. And anyway, IGN is more of a traditional "Content Provider", not a "Social networking" site.

I have a solution! (0)

Anonymous Coward | more than 7 years ago | (#16328309)

Let's shut down all of myspace.com and call it done.

Myspace is more of a cesspool than the internet in general!

Re:I have a solution! (1)

LindseyJ (983603) | more than 7 years ago | (#16328437)

I would posit that at least 90% of the elements that make the interweb a cesspool originate (or at least congregate) at MySpace.com.

Re:I have a solution! (1)

skymt (968075) | more than 7 years ago | (#16328571)

Congregate yes, originate no. The Web was a cesspool long before Myspace. The web has been 90% cess since it was called Usenet. Myspace just upped the ratio to around 99%.

i founded myspace (4, Funny)

circletimessquare (444983) | more than 7 years ago | (#16328325)

i founded myspace as a how-to site on html design etiquette. myspace was originally intended to focus on page readability, intelligent page layout, good user experience, intuitive controls, and subtle interaction. i could be overreacing, but i think something went wrong somewhere though...

Re:i founded myspace (4, Funny)

tpgp (48001) | more than 7 years ago | (#16328487)

i founded myspace as a how-to site on html design etiquette

I see you followed those same principles in the site you link to [griefmovie.com] in your sig (and the puncuation in your post). ;-)

Re:i founded myspace (1)

Briareos (21163) | more than 7 years ago | (#16329059)

i founded myspace[...]

That's the long winded way of saying "I'm Spartacus!", right? :P

np: Thom Yorke - The Clock (The Eraser)

Article hosted on a Cablemodem? (2, Informative)

gordyf (23004) | more than 7 years ago | (#16328333)

It looks like this article is hosted on a cablemodem. itcc.hopto.org resolves to 74.67.58.67, which resolves to cpe-74-67-58-67.nycap.res.rr.com. It was probably slashdotted in seconds.

Poor guy.

$3.99 / monthly page view (1)

iambarry (134796) | more than 7 years ago | (#16328363)

I've got a site ( http://www.testcompany.com/ [testcompany.com] ) that gets about 30,000 page veiws a month. Does that mean its worth $120K?

Nobody's offered me 1/100th of $120k...yet

Re:$3.99 / monthly page view (1)

tekkguy (1006917) | more than 7 years ago | (#16329401)

Judging from some of the emails on your website, I'll bet your #$%^$ is HUGE!

Yes, I am quite socially inept. Thanks for noticing!

or does the water get him instead? (4, Funny)

jjeffries (17675) | more than 7 years ago | (#16328371)

Therefore, we can conclude that the fair value of Myspace was 100x or more what News Corp. paid!

Or can we conclude that they paid 100 times too much for IGN?

Stupid (2, Insightful)

Hillgiant (916436) | more than 7 years ago | (#16328387)

  1. IGN and MySpace are similar only in that they are both websites. Comparing their prices is next to meaningless.
  2. Quite to the contrary, I believe that News Corp overpaid. MySpace represents the worst of the worst in the world of user generated content. News Corp would have been better served waiting for a more competent successor.

unfriended! (5, Funny)

smellsofbikes (890263) | more than 7 years ago | (#16328425)

I bet he's no longer one of Tom's friends...

This guy gets ripped off by News Corp a lot (1)

iambarry (134796) | more than 7 years ago | (#16328509)

I couldn't read the link from the posted story - slashdot'd - but it looks like (according to him) this isn't the first time that he's been ripped off in a deal with News Corp

see: http://sunbeltblog.blogspot.com/2005/09/who-is-bra d-greenspan-and-why-is-he-so.html [blogspot.com]

and

http://www.insiderstocksales.com/insidersales.htm [insiderstocksales.com] (cool flash if your into that kind of stuff)

how ironic. (1)

3seas (184403) | more than 7 years ago | (#16328523)

It seems his myspace wasn't his space afterall...

or something like that. Guess you have to see it from his point of view

hey, that reminds me. . . (1)

juan2074 (312848) | more than 7 years ago | (#16328525)

What happened to Friendster?

Boo fucking hoo (1)

Luke Dawson (956412) | more than 7 years ago | (#16328659)

So they only got $327 million for it. Gee, how can they afford the rent on that?

Re:Boo fucking hoo (1)

Xayma (892821) | more than 7 years ago | (#16329079)

$327 million quickly seems smaller when you think about those who hold a few shares in the company.

Wrong! (0)

Anonymous Coward | more than 7 years ago | (#16328903)

News Corp OVERPAID!! I believe after the spammers, marketers, and the hackers making pages that will infect your computer take over it will be the biggest piece of crap site on the planet. People will have moved on.

Dear God... (5, Funny)

Neovanglist (566939) | more than 7 years ago | (#16328957)

This is the epitome of MySpace drama. Literally.

Oh well (5, Funny)

ImaNihilist (889325) | more than 7 years ago | (#16328959)

The only fair thing to do is delete MySpace entirely.

Bad boys bad boys, whatcha gonna do (3, Funny)

BeeBeard (999187) | more than 7 years ago | (#16329057)

Does this mean that we'll get to see a shirtless, drunken Rupert Murdoch dragged kicking and screaming over a mobile home lawn covered with broken Playskool toys and empty beer cans?

Crucifixion... (1)

aafiske (243836) | more than 7 years ago | (#16329241)

No, I'm Brian! And so is my wife!
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