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on Feb 1, 2012
Will be interesting to see:
1) what FB does with the money.
2) how much of the $5B the State of California will try to claim, and how long they will wait before trying to claim it?
This IPO will be a boon for the area. The news on the radio said that after the google ipo there was am increase in home purchases and cars. This will be good financially for the area. Of course the usual naysayers will be unhappy-too much traffic and the like.
So glad we kicked them out of town. Just think of the havoc that all those new millionaires would cause to our property values. Let Menlo Park bear the brunt of that problem.
See what did I tell you? A college terrace residents chimes in with their sour grapes. Mauve they feel one billion if the ipo should go to them to pay for their suffering.
The College Terrace remark looked like facetiousness, not sour grapes.
Regarding California taxes, Zuck's pay cut will cost the Franchise Tax Board around $45,000 it planned to collect this year. And an SJ Merc story this morning indicated that many early employees are moving to lower-tax states before cashing in. I've heard that Bill Gates never paid any Washington State income tax.
I'm sure many newly minted millionaires will buy housing in Menlo Park and other nearby areas including Palo Alto.
A complete tear-down on Lincoln Ave. went for over 2M last weekend. Yes, I think they'll be buying local real estate!!! I'm a hometown Palo Altan, and as far as worrying about what all that money will do to PA--well, that train left the station a long time ago. I'm looking forward to selling my house and retiring elsewhere with a big nest egg. There's so little left of the PA that I loved, that I've had to accept the changes and get ready to move on.
IS there an individual income tax in the state of Washington?
I'm confused about how FB makes money? Is it all advertising revenue? And the $$ that people pay to play games on there?
Somehow doesn't seem fair, no income tax in Washington. Maybe I'll move there before cashing out my 401k, though I'd like to stay here in my hometown. Still plenty left to love about Palo Alto. Until ABAG forces us to subdivide Foothills Park.
You can google "How does Facebook make money" and get a billion hits. The answer is mostly advertising, some applications, and some virtual goods. Looks like they made an average of about $5 last year on each of their claimed 800,000,000 regular users.
Advertising is a very fickle business. The traditional places to advertise are fast becoming non-productive. With more people watching tv and movies on the internet rather than over the air, cable or even satellite, and the demise of publishing both newspapers and magazines due to the internet, the boon in advertising is taking place on the internet.
With the ability to draw on specific demographic advertising, it is becoming the way to spend advertising budgets for many businesses.
Have you ever wondered why you get specific advertising to your interests or needs? Have you ever looked on Amazon for an item and regardless of whether you purchase anything, you find your facebook account showing advertisements for similar products or merchants in your area that sell the same thing? Have you ever opened up a news item on CNN to read more about the story and noticed advertising for related products? This is how it works and there are new ways to do this all the time. This is indeed how facebook is making its money.
And to get back to the CNN news story - sometimes it backfires. Readers to the CNN coverage of the recent Mediterranean cruise disaster found advertising for Caribbean Cruiselines cruises offering large discounts on the same screen as the news coverage of the disaster! Not what the advertisers were paying for, I'm sure! :)
@ old & musical
FYI - NO there is no income tax in WA.
Anyway, this should help EPA out. They have some great places to eat lunch over at the Home Depot center...especially Mi Pueblo (YUMM), and I am sure the employees with hit up the Firehouse Grill place (whatever it's called!) for lunches and happy hour, let alone the home purchases to be made. Money will get spent and It should be all good.
I can't wait for the FB stocks to come out...I already have Zynga and because of this FB deal, it already has gone back up almost $2 just today, $4 since I bought it! HA!!
Let's go FB!!
You wouldn't want to exchange your quality of life of Palo Alto for Washington, just for some income tax savings...You would go crazy with no sunshine for 9 months out of the year. That's why Oregon and Washington have high suicide rates.
I am glad I am not there anymore! They are both a great place to visit, for sure!
Thanks, KP, and thanks, Resident--quite amusing about discounts on cruises!
Agreed PA has best quality of life, but it may become a matter of affordability in retirement. I should bicycle over to FB headquarters and look for a job. Back in the day I could hack some wicked fortran code on those ibm360 punchcards.
HAHAHA...I don't think they need those skills anymore!! LOL!
KP, and Facebook, seems boring already - how long before everyone sees it that way?
NO, there is no individual income tax in the State of Washington. By the way, Microsoft had a big layoff this week, and housing prices are also depressed. Good time to buy there.
Facebook is a big mess. Any company that can rise that fast can fall twice as fast. All those users may change their data. particularly the young. Move country. Change jobs. Try to reinvent themselves despite having sold their privacy to this predatory company. There will be law suits for misleading privacy claims. There will be challenges from civilized countries in Europe as to legitimacy of a company which sells private information. Then there will be the UNCOOL UNHIP factor. I mean the dorkiness of a company designed to fool fools. So I predict this company will only last a few years. It is no longer fashionable. No longer hip. As Data miners they are only as good as the accuracy of their database. And accuracy relies entirely on it being HIP. And it is no longer HIP. There is nothing to stop its entire user base migrating to another social network. Billions of users mean nothing to someone with 40 friends. So this database will become old, out of date and obselete. A database of BAD data is worse than no data. Advertizers will look elsewhere. Zuck will make a billion. Live in PA for a decade. But the FB will be a disaster. How can anyone think that people will continue ONLY to use this as a social network?
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