Word: dotcoms
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Dates: during 2000-2000
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...pretty good season to be a bitter old person, which is to say, as defined by TV advertisers and the Internet economy, anyone over 27. Not only did dotcom whippersnappers get spanked by the NASDAQ, but TV's youthquake--when networks unleashed a hot-bodied army of Dawson's Creek clones to capture young audiences--triggered an avalanche of zit fatigue. The teen cop (Ryan Caulfield), the earnest young politicos (D.C.), the sexy prepsters (the never-aired Manchester Prep)--all were dead on arrival, while older-skewing dramas thrived...
Think for a minute: Is there a technology right under our noses that will make many of our own environmental fears moot? Yes, there is. It's called the Internet. According to scores of studies, the dotcom revolution is already starting to have a profound impact on the way industry affects our world...
...That makes Windows not just a monopoly, but a highly strategic weapon as well. It gives Microsoft an unequaled platform from which to launch new products, and it makes it easy for Gates to intimidate other tech companies into doing things Microsoft's way. Software writers, chipmakers and dotcom companies all have a lot to lose if they don't stay on Microsoft's good side...
...Rick Neely could only hold on tight. Neely, the interim chief executive of Beyond.com a struggling software seller, had 200,000 options priced at $7 a share riding on every lurch. Last April, when Beyond.com stock hit $37, such options would have been worth $6 million--chump change by dotcom standards but far better than last week's figure. With Beyond.com down to $3.75, his options were "under water"--worthless. "The drop this week was so dramatic, you can't even comprehend it," says Neely, who took over in January after the previous CEO quit. "Everyone is dealing with...
...collapse of these new-economy stocks is both a predictable and rational phase of economic development--though it may not feel so rational if you've been burned by them. Launching a dotcom company in recent years has been a bit like getting a license to collect money. Venture capitalists showered you with cash, and Wall Street snapped up your stock at five or 10 times the offering price--sometimes all in the same day--in the hope that you would soon become the next Intel or Microsoft. That money was a magnet for executives of boring old-economy companies...