At the time, Facebook was just two years old. It was a college site with roughly eight or nine million people on it. And, though it was making $30 million in revenue, it was not profitable. "And we received an acquisition offer from Yahoo for $1 billion," Thiel said.
The three-person Facebook board at the time--Zuckerberg, Thiel, and venture capitalist Jim Breyer--met on a Monday morning.
"Both Briar and myself on balance thought we probably should take the money," recalled Thiel. "But Zuckerberg started the meeting like, 'This is kind of a formality, just a quick board meeting, it shouldn't take more than 10 minutes. We're obviously not going to sell here'."
Peter Thiel Talks About the Day Mark Zuckerberg Turned Down Yahoo's $1 Billion | Inc.com
The three-person Facebook board at the time--Zuckerberg, Thiel, and venture capitalist Jim Breyer--met on a Monday morning.
"Both Briar and myself on balance thought we probably should take the money," recalled Thiel. "But Zuckerberg started the meeting like, 'This is kind of a formality, just a quick board meeting, it shouldn't take more than 10 minutes. We're obviously not going to sell here'."
Peter Thiel Talks About the Day Mark Zuckerberg Turned Down Yahoo's $1 Billion | Inc.com
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