Foursquare Turns Down $100M 189
theodp writes "Valleywag is stupefied that 'an annoying, unprofitable social network like Foursquare would turn down $100 million,' a move inspired in part by Twitter's 2008 rejection of a $500 million offer from Facebook, which in turn once rejected a $900 million bid from Yahoo. Time will tell whether the move by Foursquare was a prescient one, but it's certainly gutsy. After all, today's $850 million company can prove to be tomorrow's worthless one, right AOL?"
Re:WTF? (Score:5, Interesting)
A 2 minute long video, that's a howto.
30 seconds in I got bored.
even with this publicity, I think it is unlikely to take off.
Besides, losers who use foursquare are just begging to be stalked. It makes Facebook's abysmal privacy look positively friendly by comparison.
In fact, stalking foursquare losers ("fourstalking") has become quite the pastime, so much so that this attention junkie [lalawag.com] quit the service, despite craving the attention. A part of me feels sympathy...while another part can't help but feel these narcissists are getting exactly what they deserve.
Re:Well.. (Score:3, Interesting)
Because 4square's not making any money *now*.
I've seen it posted here somewhere, but it's been said that money can't buy happiness but the lack of money can buy a whole lot of misery.
Re:WTF? (Score:2, Interesting)
Sieg heil!
Carry on.
Re:Upstarts. (Score:4, Interesting)
Yeah, I'd be willing to bet the investors had a big part in turning this down, too. (Actually, they probably had to; VC firms usually demand a say in these sorts of decisions.)
A bunch of major VCs bought in to Foursquare about a week or two ago at prices that value the company at $80 million on paper [techcrunch.com]. Given those valuations at the buy-in, an $100m exit is simply not enough for the VCs to get the sort of return on their investment they have in mind.