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What you should know about the Facebook Juggernaut

November 8, 2009 3 comments

facebook-logoMark Zuckerberg, founder and CEO of Facebook, debuted on the Forbes billionaire list with a $1.5b net worth, then dropped off when the economy turned sour.

Zuckerberg was quickly dubbed the next Bill Gates. Apart from the obvious similarities that they both dropped out of Harvard, both are in the tech sector and they both had been accused of gaining initial success from software codes written by someone else (Microsoft with DOS, and Facebook with ConnectU), they both share a lot more less obvious similarities.

Both Gates and Zuckerberg enjoyed creating computer programs and playing computer games in school. Both had professional parents (Gates’ father is a lawyer; Zuckerberg’s father is a dentist). And, both attended exclusive, private secondary schools.

Now Zuckerberg is back on the Forbes list with a $2 billion valuation from his 20% stake of Facebook, as the company he founded accepts $200m from a Russian investment group.

With 300 million registered users (and millions joining every month), and the countless hours we spend on the site every day, Facebook’s monetisation programme might just prove highly successful.

Facebook has already overtaken YouTube as the third most popular site on the Web. It hit all the important milestones faster than any company before it. Facebook also launched a new real-time search engine, a clear jab at Google.

Facebook has always been in a position to take a lead in real-time and social search because of the sheer amount of data the site has collected about what people are doing, the things they’re interested in, and what their social graph looks like. Paul Buchheit, the founder of FriendFeed, said the human link data at sites like Facebook “could ultimately be more valuable than the link data from the web” that Google’s search engine is based on – someone just needs to mine it.

Zuckerberg, an uber-geek, has been described as being “oblivious” and a “boy in the bubble” by Rolling Stone magazine. Regardless of what has been said, anyone who has met venture capitalist luminaries in pyjamas just because he could, and had “I’m CEO, Bitch” written on his business card, commands respect.

One thing that bugs me is the question of “How did Google let this happen [Facebook get away with it]?”. Google is a company with the keys to the “library of Alexandria” and the ability to technically render “two Sat-Nav companies worthless” by providing its services for free.

If Google couldn’t stop Facebook, who can?

The smart money is already betting that he is the next Bill Gates. History will look back and say: Gates and Microsoft revolutionised the way we use computers, whilst Zuckerberg and Facebook revolutionised the way we social network. When Facebook goes public, it will be a big payday for a lot of employees.

Can Facebook unseat Google as the new darling of Silicon Valley?

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