To Go Public For The Second Time

from the rebounds dept

Last year, we had the story of Webshots, the startup that was sold to Excite@Home for $80 million, bought back by its founders for $2.4 million and then sold again to CNET for $70 million. It looks like Scott Blum is trying to do a similar trick with — but instead of selling the company to another company, he’s selling it to the public markets for the second time. Blum, of course, was the super high profile founder of who was considered such a liability originally that investment bankers would only take the company public if he left. The company finally did go public, despite its massive losses and negative margins, providing Blum with a nice little profit that he used to buy the company back a year and a half later, taking it private. Now comes the news that Blum is going to take public again, even though the company is still reporting fairly massive losses. Even as the IPO market has opened up again, one thing people have pointed out is that it still seems like companies with successful track records are the ones making it through the window. Well, now maybe even the non-profitable dot coms are going to try to go public too. This sounds familiar, doesn’t it? It used to be what we called a “bubble.”

Rate this comment as insightful
Rate this comment as funny
You have rated this comment as insightful
You have rated this comment as funny
Flag this comment as abusive/trolling/spam
You have flagged this comment
The first word has already been claimed
The last word has already been claimed
Insightful Lightbulb icon Funny Laughing icon Abusive/trolling/spam Flag icon Insightful badge Lightbulb icon Funny badge Laughing icon Comments icon

Comments on “ To Go Public For The Second Time”

Subscribe: RSS Leave a comment
1 Comment
Anonymous Coward says:

Floating on Money

When friends visit me in Newport Beach, I take them on the touristy Habor Cruise, which is the Ocean version of the Beverly Hills tours (“that was John’s Wayne’s ocean-side house”, etc.).

One of the points on the tour is the multi-multi-multi million dollar ocean side home and multi-multi-multi million dollar yacht sitting next to it “owned by the founder and owner”. Name of the yacht? “.com”

Add Your Comment

Your email address will not be published. Required fields are marked *

Have a Techdirt Account? Sign in now. Want one? Register here

Comment Options:

Make this the or (get credits or sign in to see balance) what's this?

What's this?

Techdirt community members with Techdirt Credits can spotlight a comment as either the "First Word" or "Last Word" on a particular comment thread. Credits can be purchased at the Techdirt Insider Shop »

Follow Techdirt

Techdirt Daily Newsletter

Techdirt Deals
Techdirt Insider Discord
The latest chatter on the Techdirt Insider Discord channel...