Word: dotcomers
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Dates: during 2000-2009
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HOLLYWOOD AND SILICON VALLEY were shocked when Terry Semel became CEO of Internet portal Yahoo! in 2001. But the ex-Warner Bros. chief has led the company out of dotcom-bubble troubles to a new era of record profits. He has also done well personally, making a profit of more than $250 million on stock-option sales, according to analysis firm Thomson Financial. Semel talked to TIME's Jeffrey Ressner about technology, Tinseltown and the competition...
...person who is financially independent, with a family and a home. But families and homes cost money, and people in their late teens and early 20s don't make as much as they used to. The current crop of twixters grew up in the 1990s, when the dotcom boom made Internet millions seem just a business proposal away, but in reality they're worse off than the generation that preceded them. Annual earnings among men 25 to 34 with full-time jobs dropped 17% from 1971 to 2002, according to the National Center for Education Statistics. Timothy Smeeding, a professor...
RONALD SARGENT: I think there is still lots of opportunity in this business. The top three--Office Depot, OfficeMax and us--only have about 20% of the U.S. market. Still, during the dotcom era, investors thought we were growing too fast, and I think Wall Street wanted to figure out who was going to win in this industry. The question for us was, How does a fast-growth company grow up from adolescence to become a little more of a mature company...
Richard Li, the entrepreneurial son of Hong Kong tycoon Li Ka-shing, had big plans in 2000 when, during the height of dotcom mania, he used the inflated stock of his Internet start-up to buy Hong Kong's dominant phone company, Hong Kong Telecom. Li's grand vision was to use the telco's network as a springboard to launch an interactive entertainment service called Network of the World (NOW), aimed at delivering TV-style content over the Internet to global subscribers. But NOW flopped when the Internet bubble popped, and a chastened Li was left with little more...
...long-time Sandy Weill sidekick, Chuck Prince might have got a chance to run Citigroup in any event. But a progression of Citi scandals that began in the dotcom-bubble years with shady Enron dealings and stock touting for troubled telecoms quickened this lawyer's ascent. Prince, 54, landed the CEO job little more than a year ago. Since then, old improprieties have continued to surface, posing new p.r. nightmares-- including Citi's private-banking operation being banned from Japan just a few months ago for failing to guard against money laundering, among other things. To atone, Prince bowed deeply...