Transcript for Mark Zuckerberg's Wealth Grows as Facebook Turns 10
Anyway his onetime dorm room project -- ten years -- -- social networking giant now boasting more than one point two billion users that's essentially. I sent. Seventh of the planet's Zuckerberg also marking a milestone he's gonna turn thirty because his net worth is going to be growing to 31. Billion. Dollars a lot of folks are really hate non FaceBook stock but I don't know you think he's kind of like bombing and I mean that those critics. Yeah for sure I mean you know heat it's an astounding accomplishment in ten years -- they launch and Harvard dorm room as that FaceBook it was just for Harvard. Than it was just for colleges and the the growth is just astounding I think it's unprecedented. -- well in the 1990s grew very quickly got everybody on line. FaceBook you know so that model to a -- -- stratosphere. Over one point two billion people are faced -- culturally. In very quick -- time it just became part of the fabric of our lives to use another company slogan. You know you. I don't know about you -- on FaceBook every day but I'm on FaceBook and everybody knows on FaceBook and we -- check -- at least periodically some of us obsessively some. Every six months -- were -- doing it and get it didn't exist ten years ago -- it's hard thing of anything else. That has gone from zero to that kind of cultural importance and residents in such short period of time. And sure Mark Zuckerberg he has certainly defied all the critics about where that business was going. And what they've done really in last -- crew that they can shift from a desktop model. -- mobile model and make a lot of money doing it and that's why that stock has done so well the last six months or so well let me ask you this and because the fact that -- -- -- about this yesterday. You know what FaceBook is what was was created obviously it was it was a fun toy it was social networking and and is it was in the creation that had never really. That -- have anything like it before really. And now it's almost seen as a commodity right I mean it's almost like telecommunications is sort of the same way in which you know -- 25 years ago we -- picking up a telephone. And that was the way in which we -- interacting with people. FaceBook has become much the same way because. Yes you are both on FaceBook where FaceBook friends I don't know why that is I don't know can't deny -- to request an arguable talking about that after. Of that -- -- thought it was a different Dan CIA have right exactly but not equipment I'm got like Twitter you've got instead Graham you know and those seem to kind of take that kind of luster that that kind of social. Cultural excitement that FaceBook had maybe 510 years ago. So -- -- so if -- -- stockholder of FaceBook how do you play that out if you think then that FaceBook is becoming sort of this commodity justice -- that that that almost like electric company. Rebel personal it's a great analogy rated him when the telephone first came -- with I was a fat and why would you need one and now everybody's got one in the same thing the televisions and radios and there was became huge industries that are still -- part of most of our. Daily lives and no FaceBook becomes a utility that that's at the worst thing in the world utilities AT&T. At a pretty -- business for a generation and a half. Right on -- yeah we're still gonna pay our electric bills in this month these most of -- will no matter how high it is. I mean what they've done though is they've they've shown that social networking is a business. And now they're generating so much -- they can experiment -- different things. By the way that they -- -- -- -- so they have that even if the teens don't realize that they're doing cool stuff on FaceBook or FaceBook owned property. And they can take the cash they're generating an extremely new things and they're just rolling out this news that. Which frankly is competition for you would ABC -- us here Yahoo! but they know that. FaceBook they're not sitting still I think that's the point there an experiment -- different things and try to give. There -- point two billion users different experiences and everything so that they spend more time on FaceBook which is gonna translate into more advertising dollars more cash and what they hope. Is a virtuous cycle right ranks -- or definite push that is the Santa because you are look oftentimes we are fighting with our broadcast brethren. For those that think this is some kind of flash in the pan but guess why. You know -- announced it is not a flash in the pan.
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