Is Facebook the New Apple?
Mark Zuckerberg refuses to do anything normal. He shuns corporate culture while owning one of the most valuable technology companies in the world. And while he’s made the decision to finally take Facebook (NASDAQ:FB) public, that doesn’t mean he’s suddenly going to become one of Wall Street’s many men in suits.
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The Wall Street Journal yesterday reported that Zuckerberg won’t be ringing Nasdaq’s opening bell in New York when the social network goes public Friday. Instead, he’ll celebrate the day with employees in Menlo Park, California, in what seems to be becoming a trend among tech companies. Zynga (NASDAQ:ZNGA) CEO Mark Pincus rang his own bell for employees at the company’s headquarters in San Francisco when they went public in December.
Zuckerberg’s move is certainly stirring up some controversy as more traditional Wall Streeters feel scorned by Silicon Valley’s laissez-faire attitude. Zuckerberg recently made headlines for showing up to a meeting with potential investors in New York last week wearing a hoodie, which some analysts say shows a lack of seriousness on behalf of the 28-year-old CEO.
Michael Pachter, an analyst for Wedbush Securities, said in an interview with Bloomberg TV:
“Mark and his signature hoodie: He’s actually showing investors he doesn’t care that much; he’s going to be him. I think that’s a mark of immaturity. I think that he has to realize he’s bringing investors in as a new constituency right now, and I think he’s got to show them the respect that they deserve because he’s asking them for their money.”
But in his lack of decorum, or what others may call his free spiritedness, Zuckerberg isn’t exactly blazing new trails. Steve Jobs, the late Apple (NASDAQ:AAPL) co-founder, notoriously wore black turtlenecks, blue jeans, and sneakers. And his dress habits didn’t change as Apple grew to become one of the biggest corporations in the world, nor did they hinder his ability to run one of the biggest corporations in the world.
And it seems Pachter recognizes that, as he was the first analyst to give Facebook (NASDAQ:FB) a buy rating a couple weeks ago, even though he doesn’t expect Facebook to see rapid growth in revenue for a few years.