700 milllion bucks..

[bugjuice]

tardme sold for... :gob:

on interest a day, works out around $9,000 a day based on 5% interest rate..

set up for life, just doesn't cut it..

I can't even comprehend what it'd be like to have that much

NZ Herald report (http://www.nzherald.co.nz/section/story.cfm?c_id=3&ObjectID=10371268)

[Fishy]

Imagine how many bags of mixed lollies you could get for that!!!.

I may actually even add a Suzuki to the garage if I had that sort of money.

[Lazy7]

trademe would be making more than $9000 a day...

500,000 auctions a week. (think about the listing and success fees on that)
advertising on a site which recieves over half new zealands internet traffic every day.

its also the dating site, old friends, the works.

not bad for a 25 year old... wonder what kind of bike he'll buy first?

hopefully fairfax dont fuck it up like they did with Stuff and Cuisine...

[Postie]

just herd that on the radio, makes me want to ride tol Wellington and slap everyone of them when i get a reminder for being 56 cents in debt and then threatened that i won't be able to use trademe till my debt is paid....


oooooo 56 cents......

[Colapop]

Anybody wanna help me set up an aution site based out of the Cayman Islands?

[bugjuice]

trademe would be making more than $9000 a day...

500,000 auctions a week. (think about the listing and success fees on that)
advertising on a site which recieves over half new zealands internet traffic every day.

its also the dating site, old friends, the works.

not bad for a 25 year old... wonder what kind of bike he'll buy first?

hopefully fairfax dont fuck it up like they did with Stuff and Cuisine...
no, 9gs a day is what $700,000,000 makes you if it sits in the bank. Not what TM is pulling in each day..

[skelstar]

If only i could make money out of my online betting website.

[Grahameeboy]

just herd that on the radio, makes me want to ride tol Wellington and slap everyone of them when i get a reminder for being 56 cents in debt and then threatened that i won't be able to use trademe till my debt is paid....


oooooo 56 cents......

I'll lend ya the petrol money matey........

[limbimtimwim]

hopefully fairfax dont fuck it up like they did with Stuff and Cuisine...How did the mess up stuff.co.nz since they got it? It has changed little.

But yeah 700M.. Whoa..

[R6_kid]

haha im with postie...

buggy- i think what he's saying is that there woulda been more money in keeping trademe than just getting the interest on the $700m

either thats one rich 25year old... i've got 6 years to go, let see how i go :mellow:

[bugjuice]

what, so if you had tm, you'd hold onto it in hope that you could earn more than 9g's a day, after you've paid the staff and bills?

pfft.. doubtful.. no one earns that sort of mula in a day job..

[bugjuice]

hopefully fairfax dont fuck it up like they did with Stuff and Cuisine...
"Trade Me's founder and chief executive Sam Morgan will continue to run the business."

may be that'll be it's saving grace..??
but when you've just been given that much, how much incentive is there to keep things going as well has they have been?

[Karma]

what, so if you had tm, you'd hold onto it in hope that you could earn more than 9g's a day, after you've paid the staff and bills?

pfft.. doubtful.. no one earns that sort of mula in a day job..

real question is... what happens when eBay sees the amount of web traffic trademe is getting and decides to enter the nz market, trademe would devalue by half at least!

The guy played it smart... thinking about all the DotCom guys back in the day who were paper millionaires one day, and broke the next. Take the money, stick it in the bank and live off the interest... easy.

[bugjuice]

eBay have looked at the NZ market, and TM is too fierce for eBay to do anything serious. So eBay put a tender in, along with a few others, to buy TM. Fairfax won the tender.. the amounts weren't disclosed, but eBay are obviously cheap cunts..

[RantyDave]

thats one rich 25year old
He doesn't actually get all of it. Sam only owns 32% and so has to survive on a mere $224M. Messers Abbot, McCaw, Richter (who I do know vaguely and who I don't expect to do much more than spit on me from their penthouse flats any more) own another 30% - so approximately $70M for each of the boys - then the rest is owned by assorted angel investors who, presumably, propped up the company in times of need.

Lesson for the day, invest in tech companies in times of need. This is not formal investment advice :)

Actually in 999 cases out of 1000 it goes to custard. Being *why* Tardme is so expensive.

Sam applied to incorporate a company at 1PM on 31st August 1999. What were you doing then, and what's your excuse for having not made $35M/year since?

Dave

[limbimtimwim]

real question is... what happens when eBay sees the amount of web traffic trademe is getting and decides to enter the nz market, trademe would devalue by half at least!Ever used eBay? It's *ARSE* compared to TradeMe.

And there is a www.ebay.co.nz , but there isn't much for sale on it.

[bugjuice]

I was bustin ma hump for a .com company..
but at 1pm NZ time, I was in the UK, probably gettin it owwwwn with ma gf

[Lazy7]

it will turn to shit because fairfax is run by a rugby player. (not a bad rugby player at all... but still a rugby player)

and because now that Sam has sold it - he wont give a fuck. He'll be thinking of his next big thing.... or

he'll be out with his 224million dollars - finally getting laid.

[cruising]

either thats one rich 25year old... i've got 6 years to go, let see how i go :mellow:

He is actually 30. Herald says: "...founded Trade Me in 1999, at the age of 23." So there, you just got additional 5 years to make it happen.


real question is... what happens when eBay sees the amount of web traffic trademe is getting and decides to enter the nz market, trademe would devalue by half at least!

Like Limbim said, there is an eBay in NZ. It's crap. I've seen spaghetti bolognese more obvious than eBay, Amazon and many of the other big overseas sites. When I want to shop, I just want to find the product and buy it. If I want a hundred different ads, announcements and useless tid-bits to distract me, I will just go shopping with the wife.

TradeMe is truly world class when it comes to design and ease of use. Good to see a NZ site show the others how it should be done.

[ManDownUnder]

Know what?

For all the shortcomings TradeMe has (and I personally don't think there are TOO many) I say good on him - Sam did something - got off his arse and made it happen - and now he's reaping the rewards!

Good on hime! :niceone:

[Karma]

ebay.co.nz is rubbish for sure, but only because all the listings are on TradeMe... if they made a play for it they could knock TradeMe over pretty easily.

eBay.co.uk and eBay.com go to show just how big the company can get... but to be frank I doubt there's enough of a market in NZ to bother...

[MisterD]

"Trade Me's founder and chief executive Sam Morgan will continue to run the business."

may be that'll be it's saving grace..??
but when you've just been given that much, how much incentive is there to keep things going as well has they have been?

I wouldn't be surprised if Morgan staying on was a condition of the deal...

[ManDownUnder]

I wouldn't be surprised if Morgan staying on was a condition of the deal...

I fully expect it is. He knows the business and it's very common to insist on management staying to ensure investors retain what they're buying (i.e. the comany AND the way it's run).

[kro]

Know what?

For all the shortcomings TradeMe has (and I personally don't think there are TOO many) I say good on him - Sam did something - got off his arse and made it happen - and now he's reaping the rewards!

Good on hime! :niceone:


Thats how I see it too.

[Finn]

it will turn to shit because fairfax is run by a rugby player. (not a bad rugby player at all... but still a rugby player)

and because now that Sam has sold it - he wont give a fuck. He'll be thinking of his next big thing.... or

he'll be out with his 224million dollars - finally getting laid.

I would normally agree with you but like me, David Kirk has a PhD. I'm not sure what he has his in, I think economics or commerce. He's a very smart operator.

It's fantasy stuff to go from nothing to where he is today. Right time, right place, good luck and the support of 1,500,000 kiwi's.

Well done Sammy and don't spend it all on hookers.

[Karma]

Well done Sammy and don't spend it all on hookers.

Why the hell not?

[justsomeguy]

I fully expect it is. He knows the business and it's very common to insist on management staying to ensure investors retain what they're buying (i.e. the comany AND the way it's run).

One of the GM top brass had to give 2 years notice of resignation.

[NC]

Imagine how much "crap" you could buy with that? Oh all those bikes..... :shit: WOOHOO!

[Oakie]

just herd that on the radio, makes me want to ride tol Wellington and slap everyone of them when i get a reminder for being 56 cents in debt and then threatened that i won't be able to use trademe till my debt is paid....

oooooo 56 cents......

Beginner! I'm $4.20 in debt. Hah! That's 0.0000006% of the purchase price in my hot little hand. :headbang:

[MD]

Job well done Sam. Trademe's my friend.
He stayed on because if it keeps performing at current levels he gets a bonus, something like $30m I heard on the radio. That's a good incentive to turn up to work for 2 more years.
What about his family connection- Gareth Morgan, Economist and promoter of all things motorcycling is his Dad and owns about 10% or 15%. Gareth was the main commentator of the Silk riders across Europe to China last year. On Campbell he put in two beaut promos for motorcycling.
Cambell- you must be so rich now, what $40m maybe?
Gareth- doesn't matter, so long as I have enough to fill my motorbike tank
Cambell- so what will you do with that money
Gareth - what I love doing now, riding my motorbike and giving people investment advice

Just hope fairfax don't bombard the site with ads.

[sedge]

Ah... Your sums are off... $700m at say 5% is more like $95000 a day in interest , not $9000 !

Jeebus !

Sedge.

[Wonko]

so he'd earn 28 grand a day, now that wuld be living

[myvice]

I just can’t comprehend that kind of figure, its like trying to get a grasp on just how far away Alpha Centori is.
Or the speed of light, it’s just a fucking big number that I can’t relate to anything tangible.
$1,000,000= nice house, car, bike.
$10,000,000= very nice house, cars, bikes, toys and no work.
$100,000,000= several nice houses all over the place, lots of nice cars and even more bikes, planes, helicopters, shit load of toys, and no work ever for you, your kids and your grand kids.
$700,000,000= Sorry, does not compute!

[Deviant Esq]

I just can’t comprehend that kind of figure, its like trying to get a grasp on just how far away Alpha Centori is.

I can help with that... :msn-wink:

The one thing about the universe that's really hard to comprehend is the sheer scale of things. But since I've got to keep this short because of it being O/T... (:doh:) I'll dumb it down. Lots.

Everyone well knows the Sun (a small star) is several times larger than the Earth:
It would take 109 Earths to stretch across the Sun, and it would take over one million Earths to "fill up" the Sun if it were hollow. If you think of the Sun as being the size of a basketball, then the Earth would be about the size of the head of a pin.


Now imagine the Sun is the size of a pea. What's that make the Earth, or us for that matter? Doesn't bear thinking about. Try to fathom, if the Sun were that small, where Alpha Centauri (the nearest star to the Sun, 4.2 light years distant (takes light from A.C. 4.2 years to reach Earth)) would be. Same room? Same city? Well, if the Sun were a pea in Christchurch, A.C. would be in Blenhiem on the same scale.


Mind boggling really...

Hope this helped! :bleh:

[skelstar]

He sure did say 'umm' alot. So did his Dad for that matter.:niceone:

[Drunken Monkey]

Or the speed of light, it’s just a fucking big number that I can’t relate to anything tangible.
...
$700,000,000= Sorry, does not compute!

a) You lack imagination
b) People have lost bigger fortunes