You’d think that there is no one in the world who would reject $1 billion. However there is one such person. Mark Zuckerberg rejected a $1 billion takeover of Facebook in 2006 from search giant Yahoo.
What makes it more amazing is that Zuckerberg was only 22 at the time. Well, at 22, to be offered so much money and then to reject it….never mind.
Zuckerberg’s partner in the business, Peter Thiel reveals that he did not even give much consideration to the deal and did not treat the meeting with Yahoo very seriously.
Zuckerberg apparently said that the meeting is just a formality, a quick 10 minute board meeting and that they weren’t going to sell anyway.
Thiel and and a third board member thought it would be a good idea to just take the money, Zuckerberg thought quite the contrary.
Thiel revealed that Zuckerberg did not want to sell as Yahoo did not really have any clear vision for the future of the social network.
Thiel comoforted himself with the fact that Yahoo had previously offered $1 billion deals for other companies such as eBay and Google and they were rejected. For them both, it was the correct decision.
Guess what, it was the correct decision from Zuckerberg as well.
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