How MySpace Tom got it right...
How MySpace Tom got it right…
Most people’s first social media friend, Tom from Myspace, nailed his exit from the world of social media & his entry to a retirement of financial freedom.
After starting Myspace in 2003, he sold it to News Corp in 2005 for $580 million.
Just six years later, News Corp sold Myspace for $35 million. Not a great acquisition by Rupert Murdoch and his team.
In hindsight, it is clear that Tom got out at the perfect time. Twitter and Facebook came and took his users and by the early 2010’s, Myspace had lost most of its users and identity (some may argue this is because News Corp didn’t know how to run a social media business, not because Myspace was necessary going to lose to Facebook and Twitter. Either way, it happened).
Now, Facebook and Twitter are multi-billion dollar companies trying to grapple with their legacies in amplifying fake news and election interference. Meanwhile, Tom is enjoying his life (if you want to start off your day a little jealous, go and check out Tom’s Instagram page).
https://www.instagram.com/myspacetom/
He is enjoying his wealth a lot more than Mark Zuckerberg or Jack Dorsey). So what if the website he founded is now just an aggregator of music news from other websites. We're sure he doesn’t mind.
In a September 2014 interview, Anderson did not mention any advisory roles in his life at the time, while his Twitter blurb in November 2018 read: "Enjoying being retired”
and similarly in January 2021, “Enjoying the good life / New Hobby: Photography.”
He explained in the interview that he is not interested in returning to his previous vocation, but concluded:
"I'll never say 'never' because, more than anything, I like the idea that anything can happen.
I don't know exactly where my life will lead. Adventure and the unknown has always been appealing to me."
So rather than being jealous, look internally… review your own situation…
What is your number?
What are your plans to reach financial freedom?
What will you be doing when you are financial free?
If you are not a tech guru that may not be able to establish a social media platform that you can sell for over $500m to Newscorp,
speak to our Newcastle & Lake Macquarie financial planning advisors to understand how we can support you with your plan for financial freedom.
sources:
www.instagram.com
https://www.theverge.com/2021/4/29/22407403/myspace-tom-legacy-tech-execs-zuckerberg-dorsey
https://en.wikipedia.org/wiki/Tom_Anderson