Man who hacked Zuckerberg’s Facebook account gets cash reward
A man who hacked into Mark Zuckerberg’s Facebook page to expose a software bug is getting donations from hackers around the world after the company declined to pay him under a program that normally rewards people who report flaws.
Facebook reported second-quarter earnings and revenue that beat Wall Street forecasts on growing mobile ad revenues, sending shares surging in late trading.
The upcoming tech reality TV show, titled “Start-Ups: Silicon Valley,” will air Nov. 5 on the Bravo network. It will give viewers a glimpse of just how competitive the start-up scene is, said Zuckerberg, who is the executive producer of the program.
Harvard Business School MBA candidates are preparing to hear from one of the school’s most high profile alumnus — Sheryl Sandberg. She’s the “Class Day” speaker ahead of graduation tomorrow. Unlike Facebook CEO Mark Zuckerberg, who never graduated from Harvard, Sandberg graduated from Harvard College in 1991, first in her major, economics, and graduated from Harvard Business School in 1995, getting her MBA “with highest distinction.”
Photo:Moritz Hager | World Economic Forum
It’s no secret that Mark Zuckerberg will become an even richer man when Facebook shares begin trading. And you don’t have to look too hard to see his top lieutenants will do quite well also.
David Choe is certainly the most unlikely. A graffiti artist who spray-painted the first Facebook office in 2005, he opted to be paid in stock instead of taking $60,000 in cash. An odd decision, at the time, given that the company had only recently incorporated and was then limited to college and high-school students. But it’s one that will pay off soon.
That stock, according to Choe (who spoke on The Howard Stern Show in February), could be worth anywhere from $200 million to $500 million today. (He also added that he has since sold some of that stock on the private market, so it’s uncertain how much he still has.) Still, it’s not a bad payday for someone who convinced Zuckerberg to help him with the painting.
"I believed in Sean [Parker, Facebook’s founding president]," said Choe. "I was like, this kid knows something and I’m going to bet on him."
Despite earlier reports of weak demand, Facebook ‘s initial public offering is highly oversubscribed and could result in a higher price range for the shares next week, sources told CNBC Friday. Facebook has filed to price its IPO at a range of $28-$35 — in a deal that could raise up to $13.6 billion in proceeds, and value the company at around $96 billion.
A Facebook spokesperson declined to comment on the IPO.
Facebook could make or break the fragile IPO market if it does not trade well once it goes public next week, analysts say. Facebook, which plans to go public on May 18, is widely expected to price well and is targeting a high valuation of $96 billion. The company has set the price range of $28 to $35 a share, and could raise as much as $13.5 billion. However, “given the high expectations, less than spectacular Facebook debut could have negative repercussions for companies yet to IPO,” cautions Morningstar analyst James Krapfel.
If the Facebook IPO is to succeed, it will have to overcome a less-than-stellar history of similar technology offerings that started quickly out of the gate but faltered shortly thereafter. By now names like Zynga, Groupon, and even Pandora are familiar as companies that were supposed to be the next big thing but showed little staying power once the initial euphoria wore off.
We’re all about the Facebook these days.
As the company kicks off its roadshow for investors, the big news is that founder Mark Zuckerberg has come to the Big Apple himself to pitch the company’s market prospects.
But the most interesting thing about Zuckerberg’s appearance is that he wore his traditional hoodie, while Facebook CFO David Ebersman and COO Sheryl Sandberg wore suits.
Warren Buffett said Friday he had no plans to invest in the Facebook’s initial public offering, but said what’s happening with the social media giant is “extraordinary.”
Facebook management has been eyeing a May offering, with a roadshow launch as early as May 7 and the start of trading late the week of the 14th, people with knowledge of the deal have said. But in recent weeks, Facebook founder and CEO Mark Zuckerberg has been more focused on running the business and making acquisitions than on preparing for the share sale, according to one of these people, making it hard for him and other managers to focus wholeheartedly on the IPO preparations.
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