The Moment a Most Famous Dotcom Millionaire Knew the Party Was Over
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 7 July 2022
⏱️ 51 minutes
🧾️ Download transcript
Summary
The first real explosive Internet IPO was a company called TheGlobe.com. It was kind of a proto-social networking/message board site, and on the day it went public in 1998, its shares soared 606%. Its co-founders were briefly worth around $100 million each. They become overnight celebrities, known for their extravagant lifestyles and even their fashion choices. Of course, it all came to an end when the tech bubble collapsed. So what is the experience of a bubble collapsing and watching all of your wealth vanish actually like? On this episode, we spoke with TheGlobe.com Co-Founder and Co-CEO Stephan Paternot, about the IPO, and the moment he knew it was all coming to an end. We also discussed how he went from ultra-rich to needing help from his parents to pay the rent, and what it was like bouncing back from that psychologically.
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| 0:00.0 | Do you know what your interest rate is on your savings account? |
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| 0:56.0 | Hello and welcome to another episode of the OVLOTS podcast. |
| 1:09.5 | I'm Joe Weisenthal. |
| 1:10.7 | And I'm Tracy Alloway. |
| 1:12.0 | So Tracy, I think you know and I think listeners know that at least for me, |
| 1:16.6 | my interest in markets really came about during the .com bowl. |
| 1:20.0 | Yes, you have brought this up a number of times. |
| 1:22.5 | And I have to say I love hearing the stories of you losing money during the |
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