By the middle of the afternoon Hoberman and Lane Fox were back at their adjoining desks. But soon the realization that they now sat at the helm of a billion-dollar company set in. It came with a crashing thud. Within a week of the IPO, lastminute's stock lost more than a third of its value. At least we're out and we have the funds to grow the business.
Some analysts question whether the company can survive the year without getting bought out.
Still, Hoberman and Lane Fox remain remarkably upbeat. Showing an impressive capacity for spin, Hoberman argues that the market downturn has benefited the company. I'm really relaxed about it. I'm certainly glad we don't have to raise funds in this environment. And yet in other ways it has changed everything.