What a laugh to see social networking site MySpace sold for $35 million by Sky which had bought it for $580 million.
Not quite such a laugh as AOL which paid $850 million for Bebo and sold it for $10 million two years later.
But funnier than Friends Re-United which was bought by ITV for £175 million and sold three years later for £25 million.
The laughter may be forced in Goldman Sachs’ offices where an attempt is being made to inflate an asset bubble around social networking.
Typically Goldman Sachs bought a sub-1% stake in Facebook for an enormous sum so putting a large notional value on Facebook which has subsequently been inflated to over $100 billion.
But now Facebook is shrinking in the USA and Europe. It is being used less and people are de-registering. The young are moving on.
It’s what the young do.
Facebook is uncool. The next cool thing – Bumbook or somesuch bollox – is catching on.
For Goldman Sachs it’s a bummer.
And that’s OK by me.