[Chapter 886: The Wealth Myth]
July 11th was an utterly ordinary day. Mark Anderson and James Clark stood in the bustling trading floor of the New York Stock Exchange.
Looking at the two sharply dressed guys brimming with energy, nobody would imagine how conflicted their week had been.
"What the hell, Filson? Why did it open at $31? What's going on here?"
Barely moments after the opening bell rang, a deal went through, but the price was higher than William White had anticipated.
"Ahem, boss, I'll go find out right now," he replied.
Watching the rapidly fluctuating numbers, William White felt a slight tightening in his chest. His investment wasn't substantial, but based on the energy of the market, it seemed he wasn't exactly losing money either.
If William was feeling anxious, the two people directly involved in the transactions were practically losing their minds.
A market value of $4 billion? Yes, that wasn't just speculation; it reflected the company's genuine worth recognized by investors.
For a company that had been founded just over a year prior and hadn't turned a profit yet, this was beyond a miracle. It was a mythical story.
"Sir, at the last moment of trading, due to the overwhelming number of subscriptions, they temporarily raised the price. The final subscription price is $28."
"Wow, they can do that?" William White was unable to keep his astonishment at bay as the price shot up to $35 in mere minutes after the announcement.
Good grief, there are so many rich fools out there; it seemed the clever crooks were not enough to keep them in check. Bill Gates, who was also watching Netscape closely, couldn't help but chuckle. "William White is definitely cursing right now.
Heh, if this browser is worth $4 billion, what should my Microsoft be worth?
William must be regretting his life choices right now. Deservedly so, after trying to short my stock like that!"
This time, Bill was clearly mistaken. William White's anger was just skin deep; deep down, he felt somewhat content. Once the year ended and he sold off these stocks, he could grab a few additional Microsoft shares.
"Is it still rising?"
"Ahem, yes, boss, it's already above $56 now."
"Wow, at this rate, it's faster than what the Fed prints!" William had just stepped away for a brief workout and returned to an entirely different situation.
"There's a severe lack of selling; the momentum hasn't weakened. If nothing changes, it'll definitely hit $60. The market is going crazy right now; I think even the involved parties don't understand what's happening."
"Yeah, a company with just over a million in investments has produced at least two billionaires in just over a year. Back in '80 when Apple went public, they only created a couple of billionaires. Now, they're making history.
Sigh, I can't keep watching this; it's making me feel old. While my heart is okay, there's no need for unnecessary stress."
"It's not very rational; it isn't good for a new company."
"Rational? That concept has never existed in the capital market. Fine, Greenspan will surely call out another bubble this time. I don't have anything to argue against it either."
William White boldly headed home while Filson could only manage a bitter smile. "Sir, you're making billions now, not getting shot at. Isn't this what you always call a high-profile achievement?
Wow, you're such a show-off! Billionaire?
I don't really know; those fund managers were just messing around, leaving me in the dark. Luckily, I didn't lose any money this time; you all know that my rocket company burns cash like nothing.
When William saw himself on TV confidently discussing the market, he thought things couldn't get worse. "You have some nerve; do you think I don't know about these investments?
Can we at least aim for some dignity?
Stop focusing solely on profits; you should study bubbles too. The Fed knows its stuff about bubbles; they are the professionals.
Of course, William pushed that blame onto Greenspan. Those two clueless reporters, could they really be asking him about bubbles when he held stocks? Bad enough! Yes, there's a bubble, but it's not something I can mention.
Maybe go bug Greenspan instead; if that doesn't work, Warren Buffett is also a great economist I highly respect.
After directing the crowd of reporters milling around him, William hurried home to see his little daughter. Making money was such a drudgery compared to how adorable she was.
Looking at the numbers on his computer screen, Jerry Yang was drooling. He decided not to sell off his shares anymore. If Netscape was worth $50 billion, surely Yahoo couldn't be far behind.
On this day, the American public was also thrilled; they witnessed the birth of another American dream.
What? William White was getting richer?
That guy didn't count; he was always a wealthy one. Netscape was a true ground-up triumph.
Watching various commentators on TV, William White couldn't help but laugh uncontrollably.
"What's so funny, so happy?" Nastassja asked, slightly pulling up her blouse, deliberately blocking him from continuing.
"Tsk, is this little girl asleep already? Truly cheerful, eating and sleeping, sleeping and eating.
Hey, do you have anything left? I'm a bit thirsty."
"Bah, I don't have time to entertain you; the cafeteria closed already.
Alright, alright, look, those guys on TV are so funny. To them, a million isn't even money.
Besides, when I started, I was in debt too; it wasn't that simple. The IRS has always had their eyes on me and hasn't let up even a little."
Nastassja rolled her eyes at him. "You're the world's richest man; if they're not keeping an eye on you, who else would they focus on?"
"Hehe, that guy named Mark Anderson is now quite popular with the girls."
"Haha, is it that people find him attractive, or Franklin attractive?"
Nastassja shot him another glare; in this materialistic society, if you claimed to not care about money, you better have merit to back it up.
Just like William White, he could casually ramble on TV, and people would just take it as inspirational talk. Try it with someone else, and the audience would tear you apart.
While William White cozed up with beautiful women, Wall Street was already ablaze, and Netscape's stock price settled at $74. This way, everyone who participated in the trading made money.
With a market value of $7 billion, Netscape showed how to amass this fortune in just a little over a year.
After hanging up with Filson, William was slightly uninterested; the more absurd things became, the more it attracted followers.
That's how the stock market worked. If you didn't chase after the highs and avoid the lows, what were you even doing in the stock market?
At this point, Greenspan and Buffett could only be silent; you had to be joking. If you go out and speak nonsense, you might end up stepping on someone's toes.
The so-called internet bubble, where would it be without a push from behind? If a few big shots came and casually dismissed it, value would tremble.
If the three major ratings agencies adjusted their ratings to negative, be prepared for a disaster.
Anyone speaking out now?
No, even differing voices got ignored by the market and the media. You could argue all you wanted; to the rest of them, you'd just be seen as foolish.
*****
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