Facebook’s stock closed up ~6% today at $22. Since bottoming out on September 4 at $17.73, the stock is up 24%.
What changed this month? Well, Mark Zuckerberg spoke at TechCrunch Disrupt, his first public appearance since the IPO. He said he realised the error of his ways with mobile. Facebook is going to build native applications, not HTML5 applications. He also said it doesn’t make sense for Facebook to do a phone. And, he said Facebook’s looking at doing a search engine.
Perhaps even more important than that, he said he wants to build a strong business. There’s been this sense out there that Zuckerberg doesn’t care about making money, which is not what you want in a public-company CEO. (You don’t really want that in a private-company CEO, either, if you’re an investor looking for a return.)
At Disrupt, Zuckerberg made it clear that he wants to build a big business that makes a lot of money. That’s the best way to attract the most talented people, said Zuckerberg. It’s also the best way to build world-changing products. In other words, building a big business isn’t something Zuckerberg feels like he has to do as if it’s a chore, it’s something he wants to do, because it helps him accomplish his ultimate goal.
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