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Facebook IPO: Who's set to benefit tax wise?

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    Dave Selig on what this could mean for you

  • Duration 5:13
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I'm OK so -- On first blush here what are your thoughts.

Well I think the state of California the franchise tax board has been salivating for -- running.

Their ship has finally come and how much are they gonna get California -- a couple of figures bandied about but I guess with -- wait for the dust to settle in case some of these individuals if they're able to.

Sell their stock I don't know if they're going to be restricted or -- -- I've heard in excess of two billion dollars.

Yeah things that happen and I'm reading this stuff on the -- that now Chris givens ones right.

I look at FaceBook about one today to see what my son is posting that means about one minute -- day they won't get rich off of me we see something interest thing.

With General Motors pull all their -- -- as well.

And they they -- -- -- working for them.

Right.

I've heard that for that same sentiment echoed.

-- so I mean yeah this event has to make money it's absolutely don't feel like -- it why not what what's the what's the challenge.

There well I think today.

Jumped on board.

Auto industry particularly.

Nice and let's have establishment because a lot of young -- potential buyers on FaceBook.

And perhaps these were not there real demographic.

So -- just -- did not work.

Experiences thing.

How does FaceBook make it's money going forward because you know 38 bucks a share as you heard.

Somebody say you and I probably aren't gonna get that price because by the time all the hedge funds and all the big guys while this up and it resell it to the rest of us -- -- a hundred dollars a share.

So for me to get value from now how does FaceBook has to be profitable.

Absolutely.

-- so far they happen.

It's really been a winner all the way around whether the advertising spin -- Business network -- individuals.

Interfacing with one another it has been working you don't pales next.

No but there is -- awful lot of money flowing in and out of this business.

As we can see today.

There is lot of people who believe this is going to be -- profitable.

Is this a good thing for America.

Absolutely.

Anything that generates this type of money in revenues is good for America let's hope the government stays out -- that's.

You know I was having a similar thought and am not in any sort of negative way but I was thinking can you imagine being that young man or woman who worked in the kitchen.

Mark Zuckerberg -- in a movie you saw these people all over his -- in Menlo park California northern California.

And there was only space and like so many places and you saw some laptops in the kitchen is that.

Can you imagine being with two point eight billion dollars today.

We're just helping out friends and doing something that you found in love I mean that is the American drink.

-- people worked very hard core -- And let's not forget it it's very easy to sit back and say -- -- so lucky.

Just -- -- -- -- -- that don't know final and you did the there's an awful lot of people who say that but these people really put in the time the effort we're visionaries and they stuck with it.

All of those people who -- along the way they've got nothing.

Well.

Yeah that's interesting very.

Failed -- I guess -- something to keep in mind.

But you how can -- you can't predict what's gonna be successful and what's not it's really tough all right so.

Does this maybe teach us something you're -- small business advocate what what advice would you give that next person who has a brilliant idea.

Stick with it I like to look at business almost as if you're senate standing on a buffet line.

If you -- in line you do everything you're supposed to do you would get.

Absolutely everything if you jump around to the next idea or you never see something through.

You typically end up with nothing.

So if you've got a business and you genuinely believe that that's.

You needn't ask your friends and family for -- he's focus groups we know you don't what you need to do is leads.

You'll find that if it is a good product.

If you're willing to stay with that doesn't even have to be a great product just has to be so so it will pay off for you provided you -- -- pages.

Well I just put out on -- live chat date.

If you have an idea for small -- stick with it and all -- absolutely it's really what makes our country so different from the rest.

I agree unfortunately we have an awful lot of governmental intervention.

-- -- -- to go I have to ask you about that particularly all right so this whole thing that JPMorgan Chase.

I actually have people coming up to me in high fighting me efforts at the Sony -- this week which I I didn't think it was anything react to say.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Now it's not for -- to -- What went on behind the scenes and now congress wants to investigate outrageous.

That I don't understand where the crime -- -- like I don't understand.

Yeah it's absolutely outrageous you know you have the vicissitudes of the market they go up they go down some things -- some things lose.

The last thing we needed it is whether it be the FBI here congress for somebody with maybe appropriate civic understanding at best.

Of how -- -- -- -- out of this problem insinuating themselves and to this and just.

Ruining it for the rest of us you know a lot of those investors do very well that's -- --

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