Steve Jobs and Mickey Drexler: A Tale of Two Retailers
Apple’s retail stores are a physical reminder that the brand is the world’s most profitable technology company. They are also part of Steve Jobs’ legacy. However, the stores’ success is also thanks in part to someone outside the company — J. Crew’s CEO Mickey Drexler. It wasn’t the first time the two collaborated. At the time of Jobs’ death in October, the pair had worked together for more than a decade, with each serving on each other’s board, sharing advice and insights.
With Facebook shares trading close to their $38 offer price and revelations that retail investors got a larger-than-expected slice of the $18.4 billion IPO, market watchers are questioning whether the social network’s debut was over-hyped — not just in the media, but in the investor community.
The Facebook IPO will make dozens of people rich –some of them phenomenally so. How big a payday will major Facebook shareholders see? We perused regulatory filings and media sources to determine the major shareholders and the number of shares they own. Check out the list of those shareholders and the amount of their Facebook windfall based on the real-time price of the shares.
Facebook doesn’t need the money. And investors say the price tag almost doesn’t matter. So how do you put a price on something that many say is priceless?
That’s the task today facing an elite few: Lead underwriter Morgan Stanley, co-underwriters JPMorgan and Goldman Sachs, select Facebook executives, and a pricing committee from the board of directors. In the span of just a few minutes around market close, they’ll finally come to a conclusion on what the world’s largest social network is worth.
Speculators have been gambling on that worth for years. Shares have traded on private markets since early 2008, and changed hands last at $43.50 a share in early April, at a valuation of $109 billion. By that measure, expectations set by Facebook’s underwriters, might appear conservative.
India is set to overtake the U.S. as the world’s largest Facebook market by number of users as early as 2015, according to social media analysts, driven by growing internet penetration and high rates of growth in mobile connections.