Facebook IPO: How Mark Zuckerberg Shook the Haters Off

Today, Facebook set a record for the most successful IPO ever after trading over 527 million shares. Valued at over $100 billion, it is an understatement to say that this company is successful; it is revolutionary. People have been questioning Facebook's $100 billion valuation all week, and even predicting that the IPO will be a massive failure. It's as if people are still unsure about Facebook, it even recalls the infamous Social Network quote when Mark Zuckerberg says about Facebook, "We don't even know what it is yet".

But how did Mark Zuckerberg create this website and what drives him? Turns out, the story of Facebook proves that inequality is a great motivator.

Mark Zuckerberg, like many other students at Harvard, was on the outside looking in at the elite and privileged social clubs on campus. Specifically, Mark was excluded from the eminent Harvard "final club" Phoenix.

But where some falter, others rise to the challenge. After creating his beta version of Facebook, Mark introduced his own exclusive club to the very same men's "final club" Phoenix in an email. It took off from there. Everyone at Harvard was suddenly using the new social website and it even spread to other elite schools like Princeton and Stanford.

Through "friend requests", Mark was able to recreate the empowering sensation of being a member of an exclusive club. Although any person could get in if they were "invited" by a member, ultimately, you could not get in if you were not connected to Mark Zuckerberg. Not only was he a member, he was THE member. In fact, his name was written on every page.

The rest is history. Facebook spread like wildfire. Almost every school and student across the nation is represented on Facebook, and there are over 800 million users.

Facebook was conceived out of feelings of rejection and indifference. It was born out of inequality and exclusivity. It is ironic that Facebook is now the largest, most inclusive society in the world. Today, you don't need a "friend request" to join Facebook, you only need an email address.

Let Mark Zuckerberg remind us all that if you don't think life is fair, you have the power to change it yourself.

Virtus tentamine gaudet: Strength rejoices in the challenge.

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Dylan Ewers

I am interested in Austrian Economics and how the Austrian Business Cycle applies to our current financial collapse and recession. I am also intensely interested in how New Institutional Economics (NIE) can explain how our system of government channels a new set of underlying incentives that produce unintended results. I majored in Economics and Business Administration at Hillsdale College. I have been a mortgage broker during the housing crisis, interned at Mercatus/IHS at George Mason University and currently work in commercial real estate in Gerogetown (DC).

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