Noted Media Exec Lauds Facebook (FB); Says IPO Wasn't Tragic, Likes Zuckerberg's 'Long-Term Vision'
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Facebook Inc. (Nasdaq: FB) rising from the ashes today, amid positive chatter from one top media exec.
Speaking earlier on CNBC, IAC/InterActive (Nasdaq: IACI) Chairman Barry Diller said that Facebook's IPO "was not a failure." He likes how Facebook sold their stock high and that the event wasn't a national failure.
The only problem for Facebook is internally and the company might need to reprice employee stock options.
Diller thinks that Facebook can grow long-term and likes [Facebook CEO] Mark Zuckerberg's long-term view. [Zuckerberg is] only running the company with a long-term horizon, Diller noted.
Diller said he has no sympathy for those that played the IPO for a quick buck and got burned on the deal. An IPO is all about raising money for a company for future growth, which is exactly what happened with Facebook.
In terms of its business, Diller thinks Facebook is doing nothing but the best for its users, saying, "What they are doing is insatiably working to make their site better and get more people to use it and get them to use it more." He notes that the natural outgrowth of taking care of customers is cultivating revenue from that effort.
He'd also buy Facebook stock, though he emphasized that he only owns stock from companies he does business with.
Facebook shares dipped into negative territory at the start Tuesday, but are now up 1.4 percent on the session.
Speaking earlier on CNBC, IAC/InterActive (Nasdaq: IACI) Chairman Barry Diller said that Facebook's IPO "was not a failure." He likes how Facebook sold their stock high and that the event wasn't a national failure.
The only problem for Facebook is internally and the company might need to reprice employee stock options.
Diller thinks that Facebook can grow long-term and likes [Facebook CEO] Mark Zuckerberg's long-term view. [Zuckerberg is] only running the company with a long-term horizon, Diller noted.
Diller said he has no sympathy for those that played the IPO for a quick buck and got burned on the deal. An IPO is all about raising money for a company for future growth, which is exactly what happened with Facebook.
In terms of its business, Diller thinks Facebook is doing nothing but the best for its users, saying, "What they are doing is insatiably working to make their site better and get more people to use it and get them to use it more." He notes that the natural outgrowth of taking care of customers is cultivating revenue from that effort.
He'd also buy Facebook stock, though he emphasized that he only owns stock from companies he does business with.
Facebook shares dipped into negative territory at the start Tuesday, but are now up 1.4 percent on the session.
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