What does a money-losing porn and social-networking company do with a $95,000 car? Apparently, it tries to give it away as a contest prize. Still unclear: Why Adult FriendFinder bought the Ferrari from its founder.
Anyone who buys into the FriendFinder Networks IPO won’t just be buying a piece of a debt-ridden, money-losing collection of porn sites and social networks. They’ll also be buying a piece of a car the company bought from one of its founders, and now values at $95,000. Readers tell me it’s a Ferrari Modena.
Potential investors in FriendFinder Networks don’t just get to own a piece of a debt-ridden collection of porn sites and social networks. They also get part ownership of a $95,000 car. But exactly what kind of $95,000 car are they getting?
Peter Kafka has been covering media and technology since 1997, when he joined the staff of Forbes magazine. Most recently, he has been the managing editor of the tech and media Web site, Silicon Alley Insider.
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
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