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I was right! Skype’s writedown by EBay was fake… We should start a class action! April 2, 2008

Posted by deminvest in ebay, goog, Google, growth stock, Internet stocks, investment, low cost, nasdaq, Nasdaq stock, Single stocks, stock I own, stocks.
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Horrible things happen all the time to us small investors. This one makes me totally angry, because I have seen it come:

  1. On October 17 2007 Ebay posts a loss of $936 million for the third quarter loss because of Skype’s $1.39 billion write-down: someone at EBay said that $4.1 Billion paid for Skype was too much.
  2. My EBay shares tumbled 17% in a month because of that write-down
  3. On November 16, 2007 I posted on this Blog: “EBay, you don’t fool me! Everybody is selling because EBay posted losses for the first time since 1999… There is just a little detail: those losses don’t exist! Those losses were written by someone on some piece of paper to fool someone else.”
  4. In March 2008 Ebay reached -33%, losing a third of their value since October
  5. Today we read that Google wants to buy Skype at a price between $5 Billion and $6 Billion. Much more than the $4.1 initially paid by Ebay for Skype. I was right! The write-down was totally fake. Skype had increased its value as I demonstrated in November. The fake write-down cost Ebay shareholders billions of dollars. It was fake. I wrote it. Whoever is responsible for the idiot writedown should pay.

Comments»

1. I was right! Skype’s writedown by EBay was fake… We should start a … - April 2, 2008

[…] owinok wrote an interesting post today onHere’s a quick excerpt […]

2. AHS - April 2, 2008

Oh My God!! I knew the world is full of dumb nuts but you do take the cake.. A fake write down!!! The company has to report something called a Q statement to report their earnings. So you really think they would put that into their financials and fake a write down.. and let’s even say they did.. What would be the reason? There is never a reason to take a write down. The only problem with the internet is that any random person can post a blog and ramble their mad thoughts and some sorry investor is probably not knowing anything better following your opinions.

3. deminvest - April 3, 2008

1) I did explain why they they took the fake writedown: it was to pay a smaller second chunk to Skype founders

2) If $4.1 Billion was more than Skype’s value, why is Google offering 5 to 6 Billions only a few months later?

3) If the writedown from $4.1B to $2.7$ was reasonable, how could I, in November, write it was a fake on this Blog. Why Google and EBay agree with me now? Why are they negotiating between 5 and 6?


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