We may know more about Facebook‘s supposed IPO next week possibly as soon as Wednesday (or later, hedging “timing is still being discussed“). One thing for sure is it has been fun to see media outlets in US and around the world joining in unison to repeat the news quoting WSJ as the source, “Facebook Readies IPO Filing – Morgan Stanley Seen Leading Deal Valuing Giant at $75 Billion to $100 Billion“.
In the age of instantaneous news/media, the name of game unfortunately is to report something quickly. Writing CYA words like “according to XYZ” (in this case, according to WSJ) is as good as, if not better than, doing your own reporting and facts checking! Well, it doesn’t cost you a cent plus writing the words “according to XYZ” almost absolve yourself from responsibilities. If the report was later found to be false, well, it is XYZ that f*cked up, not you. At least it is not like you mistakenly reporting someone’s death or something!
According to WSJ “Facebook IPO: Morgan Stanley Close to Reeling In a Giant ‘Like’“
“WSJ says the IPO could come as early as Wednesday with a valuation of $75 billion to $100 billion.“
When thousands of media outlets all are reporting the same piece of information, it must be true right?! Isn’t echo chamber fun? In case you missed it in the above quote, the echo chamber is going as far as quoting itself in Facebook IPO. Yes, WSJ is quoting WSJ. Why not?! The media outlets are stuck in a “no-win” commoditized news game and I would much rather be in games that are “win-win“.
As a business and technology geek, Facebook’s IPO will come when it comes. What I am more interested in is to read Facebook’s IPO filing prospectus if and when it is available.
P.S. Let me be clear that I don’t have a solution to our echo chamber yet but I don’t know if this reporting of news “according to …” is helping anyone.