Friday, July 12, 2013
the last book I ever read (dot.con: How America Lost Its Mind and Money in the Internet Era, excerpt nine)
from John Cassidy's dot.con: How America Lost Its Mind and Money in the Internet Era:
In late October and early November 1998, Internet stocks shot up, none more dramatically than eBay. The online auctioneer had been the only Internet firm to go public during the international financial crisis. On September 24, 1998, Goldman Sachs issued 3.5 million eBay shares at $18, and the stock closed at 47 3/8, a first-day pop of about 160 percent. This sterling performance amid an investor panic reflected the widespread fascination with eBay’s Web site, on which everything from Beanie Babies to tropical islands was being sold to the highest bidder. EBay was one of the few online ventures that exploited the Internet to provide a service that couldn’t otherwise have been provided; and it was also one of the few Internet IPO candidates to have recorded a profit: $215,000 on revenues of $14.9 million in the first half of 1999.