August 6, 2012 in Uncategorized
On the corner of Townsend and something in San Francisco, Zynga now has its huge red dog gazing down upon me as I ride past on my way to the train, and I can’t help but think of the $2 billion Facebook, at least on paper, paid for Instagram, an application/social networking picture site, while the Oakland Unified School District closes five elementary schools. My friend, a counselor there, told me about an eight-year-old boy who lives across the street from a school that’s closing. So distraught by losing his school, teachers, friends, counselor, etc., instead of coming to school, he just watches and waits to say goodbye to her and others as they leave.
When did money and value become so disconnected?
A few weeks ago, I went to a financial planner for the first time in my life. When I received my “personal needs analysis,” my assets were added up and my “total net worth” determined. I’m “worth” far less than Bill Gates, but far more than the boy whose school closed.
Kickstarter raised $7 million for a watch that displays what’s on your iPhone. Is that really necessary, valuable? Seems like the same overvalued $2 billion for Instagram, right? It is, but it’s not. In addition to the wristphone, they’ve also enabled individuals to fund projects like 99% Invisible, a radio show devoted to making “radio that inspires mindfulness and wonder in all the things in the built world.”