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Slated Co-Founder Stephan Paternot on his open letter to Mark Zuckerberg, and his experience on going public with TheGlobe.com.
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Now Stephon pattern now has -- new venture in some choice words for Mark Zuckerberg -- joins me now out of Fox Business exclusives.
From Los Angeles we should played reunited Stephon I think it's been 1215.
It's been awhile and and what you did was recently.
From your experience wrote an open letter to Mark Zuckerberg I love your -- but because he wrote it on your FaceBook page perfect right.
And -- loaded on I wrote it on his -- -- -- waters Arianna is even better.
That really -- -- on his FaceBook page in essence saying that and let's put it up there.
You should be prepared.
To grow -- really thick skin and ignore everything shareholders of the media will be yelling at you when they want to squeeze more profits out of the investments.
Doesn't sound like you think you should go public.
Oh no I mean I learned firsthand.
The perils of going public.
You've with the global experience and investor is.
The pundits media in general become very very loud as the tractor -- and I think about.
That type of loud shouting from the bleachers is a big destruction from taking bold innovative action to build your business and that's what's made FaceBook such a success until now.
You don't -- York.
Company the globe dot com what was known as in essence the first social media company if not the first one of the very first.
Now you see all these other names everything from Zynga to group -- to link -- that.
Really kind of taking that original -- -- running very far with that but do you see a bubble here at the likes of what you saw back in 199899.
No I think it's a very different world we're in right now.
First and foremost most of these companies that are going public have massive revenues.
Or are profitable so that's very different -- when we went public we -- still losing money.
Amazon was losing money -- Yahoo!.
You name it we're all losing money in the valuations we have a really derived purely from the fact that we had a huge audiences are growing trust this was a new and exciting world.
-- -- the fundamentals are are much much stronger and more importantly.
Everyone uses the Internet now anyone is gonna be buying these dot com -- are actually much more familiar with the products they use them to get a much greater -- -- -- -- be much more like buying.
Apple's stock knowing that you've got a nice -- got an -- you -- MacBook you know how it works.
You said that.
That you know in this note that really one way to survive after going public -- through acquisitions they just made a huge acquisition over FaceBook instead Graham.
Back to your point about that back then there -- profits are really profits with -- -- Graham either did you look at that say a billion dollars for mr.
Graham and shake your head or did you say.
Good move Mark Zuckerberg.
I say good move Mark Zuckerberg has proven that he is not -- from making big bold innovative that's even a month from going public so that to -- is a good sign and he's gone to a great extent.
Took to -- telling people and and warning people.
FaceBook is here to innovate.
Making profits is surely a means to keep innovation going so borrowing against a Graham.
Was him making -- big bold bet that other companies might not -- made because it didn't have the profits yet but FaceBook looked at the writing on the wall and saw that minster Graham.
Was creating an alternate FaceBook universe people are loving -- there will be some initial backlash but ultimately like with -- they -- every major change FaceBook makes there's some backlash.
And people settle down with the new capabilities and they love them and embrace them such engines to ground here is gonna payoff for the long.
Stephon you've got other companies now and one of them is something called -- hit where you're raising money for.
Exit financing for independent films but I want you to reach back fourteen years ago.
So when you went public -- just graduated from Cornell -- remember this so well because we were looking at you guys and you were so young.
And and you were worth ninety million on Paper etc.
what.
It was the worst thing.
About going public that you would say the Mark Zuckerberg watch out.
Well you.
-- -- of wealth brings a lot of scrutiny.
And it brings a lot of attention some of the can be.
Leveraged for goods to build your brand and attract consumers but sometimes it can get to you.
So I would Cinemark and I think -- doesn't really need my advice.
You know I would have preferred FaceBook to stay private for longer.
But I would just -- telling him to.
Ignore everything that is set about him in the press or when people come clamoring you know ignore the good -- and ignore the -- Just keep focused.
On your nose to grindstone and and know which people you can really trust to listen to and keep focusing on innovating in the business we'll take care of itself.
Don't ignore the press but.
I'm sorry but it's good to see you step on good luck to you.
Thank you step on pattern -- is the co-founder and chairman of slate did he also has a company called -- star entertainment.
And yes to all of you say he looks exactly like Edward Collins brother.
The twilight I'm totally come on you know I'm right closing bell ringing.
