Tags: idiots, John Donahoe, Meg Whitman, ripoff, skype, Skype writedon write-down
Plain facts that anybody who is not an idiot can understand:
- Ebay bought fast growing Skype at $3.1 B bargain price.
- Skype continued to grow its user base, revenues and earning because it offers great services.
- Today Microsoft wants to buy Skype for $8.5B
- In November 2007 the idiot Meg Whitman wrote off $900M saying they had paid Skype too much. This stupid fake and idiot write-off resulted in Ebay posting its first losses ever. EBAY shares lost 17% of their values in a few days.
- Even worse, in September 2009 the super idiot John Donahoe valued Skype $2.75 billion and he sold 65% of it to various investors among which Marc Andersen.
Tags: Skype writedon write-down
Horrible things happen all the time to us small investors. This one makes me totally angry, because I have seen it come:
- 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.
- My EBay shares tumbled 17% in a month because of that write-down
- 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.”
- In March 2008 Ebay reached -33%, losing a third of their value since October
- 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.