Today Rohit, Kragen, and I spent some time with Joe Kraus and Graham Spencer and learned about the exciting new developer platform they've been building called Jot, which will launch its Beta next month. (As an aside, Kragen, Beatrice, Ben, Brad, Kathryn, LP/LP/SB/ES, and 16 others will be camping together at the Save The Man camp in a week... but I digress...)
8/19/2004 reminds me of 8/9/1995, the day that Netscape went public (and Jerry Garcia died), in terms of hyped build-up. This time, Google went public and no famous musician died (unless you count Rick James, but he died last week, not today). And in the nine years between then and now? Well, Google incorporated on 9/7/1998, the day Michelle and I married. And now...
Right now just about everyone who ever owned GOOG is above water.
Google sold 19.6 million shares at $85 each, raising $1.67 billion, the biggest IPO so far by an Internet company. The shares ended trade at $100.34, up $15.34, or 18 percent, valuing the company at $27.2 billion and its founders' stakes at $4.35 billion. Dan Gillmor: "Google needs to chill out a bit..."
According to company filings, Page sold 482,000 shares at the $85 offering price, and Brin sold 481,000. A quick calculation puts those paydays at about $41 million. Eric Schmidt, Google's CEO, sold 369,000 shares, banking $31.4 million. He still holds a stake worth about $1.2 billion. And, according to the Associated Press, a few other big winners include Andy Bechtolsheim and David Cheriton, who each invested $200,000 in Google early on. Bechtolsheim, who co-founded of Sun Microsystems, made $30.7 million in the IPO and Cheriton earned $28.9 million, the AP said. Bechtolsheim still owns shares worth about $276 million, and Cheriton's are worth more than $260 million. Moreover, Omid Kordestani, a senior vice president, took home $20.4 million when he sold shares into the initial public offering, according to the report. He still owns a stake worth $388.5 million. Google's IPO will likely also give birth to a new generation of millionaires. Joe Rich, executive vice president of Clark Consulting, said Google employees will own about $5 billion in stock, or an average of $2.2 million each, excluding the big share held by the company's top five executives. As many as half of the company's 2,292 employees may be millionaires on paper today.Current market caps:
General Electric $343bI wonder what the lowest public valuation Google will ever have is. I wonder what Google will be worth on 8/19/2009. GOOG, bellwether of the 'OO' index.
Exxon Mobil $293b
Johnson and Johnson $169b
Procter and Gamble $140b
Berkshire Hathaway $133b
Coca Cola $107b
Chevron Texaco $99b
Home Depot $80b
Morgan Stanley $55b
Conoco Phillips $50b
Goldman Sachs $43b
Google $27b <--- still a long way before it's the biggest and most important company in the world in 5-8 years
General Motors $23b
AT and T $11b
Eastman Kodak $8b
New York Times $6b
Tiffany and Co $5b
As a final note, let me quote John Battelle quoting John Markoff quoting Eric Brewer: "Because Google arose after the Internet bubble, they were able to acquire a very strong technical team. The irony is that they are really more of an advertising company than a search engine company today." As John Battelle noted, Youch.
Added Markoff: "Whether Google will be able to organize a collection of Internet services into such a platform is not clear. So far the company has not had proven success with services like e-mail, catalogs, personalized searches, news and wireless search services."