DOT COM BILLIONAIRE BLOWS HIS ENTIRE FORTUNE AND DECLARES BANKRUPTCY – Halsey Minor, 48, founder of CNET has reported to of filed for bankruptcy after blowing his entire billion dollar fortune he made from the sale of CNET.
Full Story: daily mail
Would you have thought it possible to burn through a billion dollars? Have your say… leave your comments below.
$1 billion, just think about the enormity of having such a sum of money at your disposal. If you kept the entire amount in the bank which only generated an annual return of just 1% that will still reap you $10 million and it is impossible for many to think how anyone could simply spend their way through a billion dollars in a lifetime, let alone a few years.
The tech pioneer, Halsey Minor, who founded CNET, a television and web brand, focused on software and technology in its start-up way back in 1994.
In 2008 Halsey Minor decided it was time to sell out and with CBS offering $1.8 billion for CNET the deal was too sweet to turn down.
After the sale of CNET Minor did have some success with helping other start-up companies, such as Grand Central that developed voice over the internet and was later sold to Google for $50 million in 2007. However ask any venture capitalist on tech investment and you are likely to see them break a sweat just thinking about it. Tech investment is extremely risky; technology changes at a blistering speed and what is relevant today might not be the case when the tech is finally offered to the public.
Apart from CNET, one of Minor’s major investments to reap a huge reward was that of Salesforce.com; a company that provided cloud computing solutions, which grew rapidly earning Minor with a payday, after it floated on the stock exchange, in the hundreds of millions.
If I had to give business advice to any one my first words would be; “Stick to what you know.” Countless times we have seen large corporation engage in ‘diversification’ of other business and in the 1980’s ‘diversification’ was the buzz word. Unfortunately many large corporations quickly discovered they were out of their depths and therefore sold off their acquisitions at huge losses after running them almost into the ground.
With Halsey Minor this appears to be the cause of his downfall – he simply started buying into things and businesses that he knew nothing or little about.
Halsey Minor dipped his financial toe in almost anything he saw, from fine art to property and when the financial bubble burst these acquisitions took a vast downturn in value and therefore took a crippling toll on his finances.
It would be easy to ridicule Halsey Minor and label him greedy in which his greed got the better of him. However, this is rarely the case with people like Halsey Minor. Such people have a natural entrepreneurial spirit and rarely does the thought of vast wealth come into the equation. Some people simply have to find ways to make a success of the things that they do and many fail along the way.
I want to retract that last part where I said ‘fail’ because while Halsey Minor may be broke he is not, by any standards a failure. Failure, for me at least, is when an opportunity arises and that the individual does nothing about it and then goes on to ridicule and admonish others who have been successful through their efforts.
We would all like to say that we would be a little more astute about how we would spend such a fortune but it is all too easy, as many lottery winners have discovered, to simply let the whole idea of vast wealth wash over you and feel that, no matter what you do, money will make more money; which is complete folly.
I, like many entrepreneurs, have a goal; with me it’s making a success of meebal.com – I just want to deliver the news and other topical articles to the world with a personal view and allow others to do the same through meebal.com.
Will meebal.com every become a billion dollar opportunity? Unlikely but again the money is NOT the ultimate goal, for me it’s about creating a legacy that I can leave behind and where others find useful. On that note it must be nice flying in a Private Jet