Odd Lots The Moment a Most Famous Dotcom Millionaire Knew the Party Was Over
Jul 7, 2022
Stephan Paternot, co-founder and co-CEO of TheGlobe.com, reflects on the explosive rise and fall of the dot-com era. He shares the jaw-dropping moment when his fortune vanished, going from millionaire to relying on parents to make rent. The conversation dives into the frenzied IPO culture of the late '90s, extravagant lifestyles of young tech tycoons, and the lessons learned from market bubbles. Paternot emphasizes the psychological challenges of such drastic changes and the importance of resilience in navigating the chaotic tech landscape.
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TheGlobe.com's IPO Surge
- TheGlobe.com's IPO was initially priced at $9 per share, but surged to $97 on its first day.
- This unexpected surge resulted in a world record IPO and immense media attention, but also left the company with a retail investor base.
Instant Dot-Com Millionaires
- Stephan Paternot and his co-founder, Todd Krizelman, became overnight millionaires, each with a net worth of $97 million.
- They embraced their newfound fame, appearing in the media and showcasing their extravagant lifestyle, including wearing vinyl pants.
Get Big Fast Strategy
- The "Get Big Fast" strategy, coined by Netscape, focused on rapid growth through aggressive spending on advertising, hiring, and acquisitions.
- This strategy, while initially successful in attracting attention and market share, ultimately proved unsustainable for many dot-com companies.
