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You have a certain identity that you present to the world on Facebook, and you have a certain identity that you present with the telephone, and they are different.
'WhatsApp' provides phone number-based messaging, and people asked, 'Isn't that what SMS is?' Yes, but SMS is expensive, antiquated, and what WhatsApp did was modernize and level that playing field.
There's a certain degree of speculation that goes into valuations. In so far as the market supports a valuation, everyone who gets a great one deserves it, but they should also be cautious because that speculation is temporary. I saw Yahoo go from $100 billion to $10 billion. It's not a long-term measure.
The phone is one hundred, one hundred and ten years old. There was a middle period where the government had a broad ability to surveil, but if you look at human history in total, people evolved and civilizations evolved with private conversations and private speech.
In early 2010, we launched our first localized version of 'WhatsApp' for iPhone. It included Spanish and German language translations, to name a couple.
I myself saw Yahoo become a $100 billion company and then become a $10 billion company, so you always have to look at valuations with a grain of salt and understand it is a point-in-time measure.
WhatsApp will bring Facebook another billion users. We will be a billion-user product. Whether there is a direct valuation or an indirect valuation, there is value, and Facebook understands that well.
Going public is 18-month process, while an acquisition is a 6-month process. Going public means going under so much scrutiny, regulatory approval, auditing, magnified 10 times. Having the stomach to do that isn't necessarily in my DNA. My DNA is building a product and a service.
For me specifically, it was important to graduate. In my family, I was one of the first graduates. My mom did not have a college degree. My dad did not have a college degree.
