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Forbes Media Chairman Steve Forbes on the impact of Facebook at the beginning of its first trading day.
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A couple of numbers here because this is a kind of a gee -- thing as we go through the day.
Mom zucker -- we showed him -- partying at FaceBook headquarters in Menlo park California he just become a nineteen billion dollar -- He's got 503600000.
She -- of FaceBook so.
Every time FaceBook stock goes up two dollars assuming it does go -- two dollars he is worth an extra one billion dollars and ten.
That makes him at the moment to nineteen billion somewhere around the 28 put twenty ninth most.
The richest person in the world he's only down -- 2829.
Years old 48 years old.
In twenty -- this position on the world's list all rich people.
But -- -- list of rich people is it not.
And guess -- would just -- -- -- to sit right next to -- yes the man himself Steve Forbes is whether Steve welcome.
Going to be -- -- it now forget about when that would have missed as of about for a second.
To me.
I gotta put my own personal opinion and -- this is a celebration of American.
This what happens when you work hard you innovate you grow a business you organize you get around that and you take risk.
I'd love this thing and you.
Obviously that's why -- the capitalist tool exactly patent and and and what it what it's all about what entrepreneurship is about is the creation of wealth.
And if you remove wealth from creators guess what the wealth disappears.
It's in the mind it's of doing things coming up with new ways of doing things inventing things if you remove that creativity.
Or you have this worthless pieces of paper and that's what the politicians don't understand it's not like the pilot gold a physical things -- had a physical.
What do you think of -- -- sovereign.
Renouncing his US citizenship offer goes to cap -- -- Singapore.
There is no capital gains tax in Singapore he avoids the capital gains tax on his two billion dollars worth of the -- stock that he would about the fact what what judgement would you place on -- summer.
I think he made a mistake and I think the best revenge is journal pointed out today.
Is to make America the -- -- once again for entrepreneurs removing barriers so he'll regret.
And we're announcing the citizen -- why do you say he made a mistake on what what is moral grounds or as well settlement ground what what cultural.
-- -- when he came here he had nothing and the country enabled him bid to do great things and when he should've done this campaign with those resources even though -- be if you're resources.
To help create re create the environment that made his rise from poverty possible.
Coming from Brazil rising up that's what -- should fight for don't leave us we need reinforcement Stewart yet.
But he's leaving us because he's being rational.
Because if -- -- President Obama proposes to raise the capital gains tax dividend and interest taxes all indoor races -- state tax all the more reason like the Tea Party get involved.
Help candidates who will create an environment that made Ronald Reagan able to do what he did to make American coming up again so I'm interrupting you there we go.
45 dollars is the indication.
Okay back is an indication.
Of how things are gonna open up so the current.
It's 38 Tokyo there way off the indication is 45 dollars push you about right that -- not bad now.
Now what did -- tell me what does that mean to win the actual first trade in the first price appears if he's indicated that 45 what does that mean.
You're just you know the goods orders -- -- and and in different to try to match him over the sells its a fast movement thing that's a zillion things going on.
This is -- -- weren't might open right now but.
Now let people see this -- gonna say wow that's -- you might see you know you might see that indication move up -- once -- it's trading it's off to the races I think.
Hedge shares that's on the bottom left of your screen any idea exactly what that -- Steve Forbes pad she has 34 million album that's -- -- -- Tied together -- up at that price -- take it I'll leave that to the experts I wanna know.
Prices didn't have brought 45 -- -- -- surprised by the -- that means seven dollars higher than the IPO price that means Zuckerberg is already worth another three and a half billion dollars.
That would move into about number 24 I guess on the -- billion has ritual that's right and you don't have it in front futures closed at that.
I don't care at that point that didn't want this company's -- It's as FaceBook having you and I the same generation we're not really the FaceBook generation do you like the company.
I'd better because I was able to buy shares -- years ago.
So well I'm not a billionaire like something we -- an owner of I -- out so I can given I can treat you to mcdonalds now yes I don't Georgia well I want to benefit -- You've got in a year ago or two -- and several years -- -- several years ago private placement you know Steve -- of the -- blood on the show but we've got to take your dog have a top right what you need to -- -- today at a put your name communities Midas and back in just a second everybody -- look that forty.
