By Kate Askew
The interior tale of the net growth and bust, of the company bargains which made headlines, and the colourful solid of characters at the back of them. Google turned a verb, nations waged warfare video games within the new electronic universe, and WikiLeaks despatched shockwaves via a superpower. We acquired to date from a spot that used to be referred to as the dot.com bubble. Few booms in Australia were speedier or extra livid than this bubble. The brightest and most sensible traders dived in, expertise geeks grew into in a single day millionaires, and miners stopped digging dust and commenced browsing the internet. The industry surged and crashed, because the dot.com bubble grew to become the dot.com bomb. Australia witnessed a really notable efflorescence of unrestrained funding fervour. Tagged as "irrational exuberance" by way of Alan Greenspan through the boom's formative interval, it grew to become a wild second of fin de siecle and millennial insanity. a brand new approach of valuing businesses (on funds circulation solely, instead of dull outdated profitability) used to be invented to check the recent expertise in play. What begun with net companies and telecom start-ups stretched to any form of enterprise that may be offered at the net—from Balmain insects to intercourse toys. a few marketers jumped off the rollercoaster as millionaires; extra stayed on, crashed, or sank with no hint. whereas there were a couple of books within the U.S. in this outstanding old interval, this is often the 1st complete, colourful telling of the wild Australian trip. and looking out again, we study that whereas the web promised to point the enterprise enjoying box it has in reality performed the other, because the marketplace dominance of Google, Apple, and fb attest.
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Extra resources for Dot.Bomb Australia: How We Wrangled, Conned and Argie-Bargied Our Way Into the New Digital Universe
It was one of the first four ISPs of the time but Koltai preferred to describe it as the fastest growing. Ausnet was undoubtedly one of the largest. Its strength in attracting customers by the truckload came from its easy-access package, which could be bought in thousands of newsagencies, and its cheap rates. Koltai the i-evangelist had a vision. He saw a future in which ordinary people would have access to this brave new internet world as well as to other services, such as long-distance phone calls and cable television, at a rate of about one cent a minute.
However, as FTR Holdings, the idea was that the parent business should provide banking and corporate services for the web business. At a tense annual meeting of FTR shareholders in April 2000, Mrs Turnbull was treated to an earful of complaints that ranged from the more than 80 per cent collapse in the company’s share price to her husband’s absence due to his simultaneous chairmanship of Goldman Sachs. 6 per cent of WebCentral from the founders for not quite double the initial investment. 6 million.
Rupert Murdoch’s Melbourne-based sister, Helen Handbury, appeared on the new register, as did former National Mutual boss-cum-company director Geoff Tomlinson and ANZ’s bluest of blue-blood chairmen, Charles Goode. indd 32 16/3/11 1:29:37 PM The real deal And let’s not forget the JB Were investment companies, which cleverly managed to corner stakes in the Melbourne IT float. Their listed investment company, Australian Foundation Investment Company (AFIC), found itself with one million Melbourne IT shares while two of their other group funds, Djerriwarrh Investments and Australian Media & Communications Investments (Amcil), got 400,000 shares each.