If someone wants to lose half a billion...
In case you didn't hear, News Corporation - the same people who bring you Fox News - today sold MySpace for the sum of $35 million . That is not a small amount of money. Though it is much smaller than the $580 million News Corp. paid for MySpace in 2005. Let's put this in perspective. Say you bought a house in 2005 for $200K. Now, in our recessioned world, you might get $165K for it (so I hope for you, anyway). Your house would have lost more than 17% of its value. Under News Corp., MySpace lost almost 94% of its value . Some people thought this was a good deal at the time, by the way. This will be broken down in business and communications textbooks for generations. Mistakes were made. Facebook, seemingly, didn't make them. Whatever. That isn't what this post is about. As of the moment I am writing this, News Corp.'s stock price is $17.83/share. What was it on June 30, 2005? A hair below $17 per, according to News Corp.'s investor site . What I' saying here...