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Menlo Ventures managing director Mark Siegel argues Facebook is a company that will grow over time.
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Yeah up very -- all right well -- thank you very much let's go back now to Shibani Joshi his once again standing by forests.
-- -- -- -- Park California and they've got to be scratching their heads as they watch all those kind of take place in new York -- particular with all the trade -- is that we've had today.
Yeah I'm not sure that pay so much attention to that chair out there is no big screen inside here in the way that they had with the opening -- so the ups and downs of the of the stock price don't seem to be of much consequence at least right now from what we can -- for FaceBook employees -- we are in the heart.
A Silicon Valley the hotbed of innovation and in the technology sector also that epicenter at venture capital money.
-- get -- take on what the industry feels about this big momentous occasion today is Mark Siegel he's managing director at Menlo ventures joining us now to talk about what industry thanks mark.
I think you for being here.
We're talking about the gyrations and take my take movement that Wall Street is fixated on NBC and scans and -- but don't seem to.
Have the same level of interest -- -- -- Prospective -- watch this unfold today.
Well I -- I looked at FaceBook goes a long term hold this is going to be a Bellwether technology company for many decades to come.
There -- certainly going to be ups and downs in the short term and particularly in the first couple weeks I think of trading so.
I don't think it makes sense to get overly fixated on what the stock prices minute by minute.
It's more that this is a company that's gonna have to grow I think very nicely over.
Time you had an opportunity to invest in FaceBook and many different points but chose not to White House -- Well in the -- ventures we have various parameters for investing in one of those around ownership percentage so.
At the time that we had an opportunity to look at FaceBook it just didn't fit our parameters obviously in hindsight.
Any price would have been would have been okay the -- that's it.
I've -- a lot of investor out -- -- -- -- well as weary and wary today.
You know we're talking -- FaceBook today we know this is an anomaly the biggest IPO that we see in the text -- -- -- What's going to be the next FaceBook perhaps going to be even next big thing that's gonna drive -- ballet and drive innovation in this country.
Well to be honest my guess is it's being invented by somebody in a dorm room somewhere we don't even know what it is these these kinds of in hugely innovative changes.
Come along perhaps once a decade.
FaceBook is a unique and an extraordinary company.
I do think we'll see some other company like this the same way that nobody expected a company like FaceBook to come along and challenge Google but I suspect we don't know what it is.
And as we wrap things up mark very quickly what is his seat in the valley and -- investing.
Activity -- for venture capital this wrap -- -- elements.
I think it.
Does certainly you've got a lot of wealth it's just been created and some of these people will go often.
Now be able to take a risk and start new companies they'll be able to be small Angel investors and brand new start up so.
It just increases the amount of liquidity -- -- I don't thousand millionaires being created here today they won't be able to divest their shares for about six months -- and Dennis but.
It's perhaps some of these new millionaires that we creating the next FaceBook that we will be watching in a number of years.
