NY TIMES -- Oct 10 -- A profitless Web site started by three 20-somethings after a late-night dinner party is sold for more than a billion dollars, instantly turning dozens of its employees into paper millionaires. It happened yesterday. Google ($132B market cap) agreed yesterday to pay $1.65 billion in stock for YouTube. Users view 100 million short videos on the site every day. Google is expected to try to make money from YouTube by integrating the site with its search technology and search-based advertising program. News Corporation sent a letter to YouTube seeking to start talks but never received a response. FULL ARTICLE @ NY TIMES
Mark Brooks: And another raft of VC's will pump money into new social networks which will launch in 3-6 months.