- Shopping Bag ( 0 items )
From Barnes & NobleThe Barnes & Noble Review
Stephan Paternot, former CEO of theglobe.com and world-famous instant millionaire, offers up an engaging memoir that documents the dramatic rise and precipitous fall of the online company he founded with his Cornell roommate, Todd Krizelman. Although Paternot generously shares his personal experiences and struggles, his book also serves as a capsule history of a particular moment in American culture, a moment in which Wall Street's mania for Internet ventures allowed capital to be invested with a seeming disregard for consequences or common sense.
By 1995, the year that most people were just starting to hear about the World Wide Web, Paternot was already on his way to becoming an e-commerce pioneer. The company he and Krizelman started in a dorm room had moved to a fourth-floor storage room on campus and was casting about for its first employees. One ad that ran in the Cornell papers stated, "Looking for seasoned management, must be at least Junior or Senior." By the end of 1998, WebGenesis, by then called theglobe.com, made Wall Street history and the national news as it posted the highest opening-day gains ever. In the space of a few hours, Stephan Paternot acquired a newly minted fortune of $97 million.
Paternot's compelling account of theglobe.com's fall from grace is set against the backdrop of his personal coming-of-age story. At one point, as his company faced mutiny from some of its senior officers and harassing calls from enraged investors, Paternot travels back to Switzerland, his childhood home, to witness his powerful father, whom he both pays homage to and raves against, battling cancer.
A Very Public Offering is frenetic in spots, but however much comeuppance you may think Internet millionaires deserved, the succeeding chapters in Stephan Paternot's life are bound to be interesting, and probably successful as well. (Magdalen Powers)