Selling the company will give current CEO John Borthwick more time to invest in his Betaworks holding company (outside.in, daylife, tumblr, etc). He’s already found more time to blog. In his latest instalment John tries out Facebook’s much-derided Beacon program and finds it lousy — “I felt there was a violation of commercial trust unlike I had experienced in a while” — but remains intrigued by Facebook itself:
I think Facebook’s market position is fascinating — not since Netscape have we seen a company with this scale of audience without a scaled business model to match. But unlike Netscape — Facebook has at least $250M – $500 of capital to invest to figure its business model out. They have taken the VC model and turned it upside down. They have sold strategic alignment for cash and a stub of equity — buying them time to figure out where the business is.
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