Word: saylor
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Dates: during 2000-2009
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...MicroStrategy's stock, which had risen like Icarus--from $7.34 to $333 over the past 12 months--suddenly fell from the sky, losing more than 60% of its value in a single day. More than $11 billion in market value was erased, and the company's brash chairman, Michael Saylor, 35, personally lost $6 billion in paper wealth in less time than it takes to say overvalued dotcom. "There's no doubt this is a bump in the road," Saylor said bravely, "but we signed up to change the world and never believed it was going to be easy...
...sales and other data they collect to better target customers. MicroStrategy went public in 1998, and the stock took off after the creation of Strategy.com a unit that beams custom-tailored information to subscribers of clients like Ameritrade, the Washington Post and the Wall Street Journal. This month, Saylor announced a $100 million charitable scheme to launch an "Internet university." He says these plans haven't been changed by the news...
...Bear, Stearns, mainstays like Wal-Mart and Continental Airlines are among 32 companies that have restated their financial results since the Securities and Exchange Commission issued a clarification in December of the rules on recognizing revenues. For accounting firms, the choices are difficult. Challenge the client's bookkeeping, which Saylor insists was conservative, and you may end up without a client; fail to do so, and you face angry shareholders and their lawyers after the books are put right. PricewaterhouseCoopers, MicroStrategy's auditor, did not advise the firm that it had failed to comply with strict revenue accounting rules until...
...Colorado-based operation offers online courses to 500 students in 30 countries. Traditional campuses are also getting wired. Stanford offers a virtual master's degree; the University of Chicago and Columbia, among others, have signed up with the Internet start-up UNext.com to create a for-profit online college. Saylor's announcement ups the ante considerably. He is banking on replacing the world's "10,000 average professors" with an all-star faculty (think Bill Clinton and Henry Kissinger), all of whom he expects to teach pro bono...
With warp speed, Saylor's proposal became the talk of the highest ivory towers. And the reactions were mostly of the unpublishable kind. "Saylor's naivete is breathtaking," says David Noble, a history professor at Toronto's York University and a sharp critic of distance learning. "It's the quintessence of counterfeit education." Adds Carole Fungaroli, an English professor at Georgetown: "It's the same as sex on the Internet. You can get it online, but it's not as good as in person...