Frager Factor

Thursday, September 12, 2013

"Squatter" Milks Millions From Zukerberg For Domain By "Doing Nothing Ever’

According to Internet Retailer: " nets ‘one of the best ROIs for doing nothing ever’" 

When former online retailing executive Jonathan Thralow and his sister and partner at Tycoons Private Equity Funds bought the web domain in March, they lacked a plan about what to do with it. But having built businesses around and other domains, they assumed they would figure it out. A rough sketch of the plan involved a search engine that incorporated data management vendor Mozenda Inc.’s ability to harvest Internet data, Thralow says. Tycoons is an investor in Mozenda. 

But about three months after buying, Facebook CEO Mark Zuckerberg presented them with a “significant” offer to sell the domain name. While Thralow says he was asked not to disclose the purchase price, he says “it was probably one of the best ROIs for doing nothing ever.” Zuckerberg wanted the domain to serve as the hub of his global partnership—other partners include Ericsson, MediaTek Inc., Nokia Corp., Opera Software, Qualcomm Inc. and Samsung Electronics Co. Ltd.—that aims to provide Internet access to the nearly 5 billion consumers around the globe who cannot access the web. 

"Everything Facebook has done has been about giving all people around the world the power to connect," Zuckerberg says. "There are huge barriers in developing countries to connecting and joining the knowledge economy. brings together a global partnership that will work to overcome these challenges, including making Internet access available to those who cannot currently afford it." 

Continued on source site

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