LinkedIn dumped by biggest sugar daddy
Shares flogged to raise $90m
Magic Quadrant for Enterprise Backup/Recovery
Professional networking firm LinkedIn has upped its follow-on share sale from 8 million shares to 8.75 million in a bid to raise around $92.3m for the company coffers.
At the start of the month, the web firm said it was selling more shares to increase its capital and its public float.
Yesterday, LinkedIn said it had priced the offering at $71 a share and it would be selling around 1.3 million, giving the company somewhere in the region of $90m to "provide additional working capital for LinkedIn, including further expansion of its product development and field sales organisations, for capital expenditures and potential strategic acquisitions or investments".
The remaining shares will be sold by existing stockholders, so LinkedIn "will not receive any proceeds" from these, according to the filing with the Securities and Exchange Commission.
The largest sale from stockholders is coming from Bain Capital, which is getting rid of all its stock in LinkedIn, 3.7 million shares.
Execs and directors from the company, including CEO Jeffrey Weiner, are selling off a combined 2.2 million shares.
And entities relating to Silicon Valley venture capital firm Greylock Partners – which invests in start-ups and growth stage companies – are offloading 1.4 million shares, 10 per cent of their stake. ®
COMMENTS
They don't produce anything ?
They don't produce anything physical but they do produce opportunities.
I've had 2 HR managers contact me this year asking whether I'd be interested in vacancies they had. I'm not looking for a new job but tells me that the skills I have on my profile are sought after by companies other than my current employer and in the current economic climate that's reassuring. The trick is to not treat linkedin like facebook. You want quality contacts not quantity.
Funny that.
I created a LinkedIn account about a month or two back, because I received three requests to do so from known friends in the space of a week. So I did.
Come several weeks later, after a dozens of requests to become their f**ing friends from people I don't know, spam from other members who have nothing else to do than flog off their crap to anyone who'll listen, and constant spam^H^H^H^Hreminders from LinkedIn that I didn't fill in every little pointless field in my profile - I'm out.
I would have liked to say that at least it wasn't Twitter or Facebook. But now I'm not so sure.
I feel so dirty.
Produce
Sure, they produce something....SPAM! I keep getting spammed with Linked-In requests. The sooner this outfit goes belly up, the better for all of our e-mail boxes. :-(
Dave
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