Stay on Top of Enterprise Technology Trends
Get updates impacting your industry from our GigaOm Research Community
Wedbush Securities analyst Michael Pachter certainly stepped in it yesterday in comments to Bloomberg criticizing Facebook CEO Mark Zuckerberg for showing up for his IPO roadshow appearance in his trademark black hoodie. In Pachter’s view, the move showed “immaturity” on Zuckerberg’s part. “I think that he has to realize he’s bringing investors in as a new constituency right now, and I think he’s got to show them the respect that they deserve because he’s asking them for their money,” according to the analyst. That set off a firestorm among tech bloggers, who called Pachter everything from a “doofus” to a “complete douchebag” for not recognizing that the product matters more than the CEO’s attire. The best line came from Om, who wondered in a blog post, “Will a Yahoo patent on Hoodies mysteriously emerge and stop Zuck from being a hoodie-maven?” Ultimately, I think Pachter’s comments say more about Wall Street than about Zuckerberg. It is Wall Street that doesn’t understand that the point of running a business is not simply to generate fees for bankers and arbitrage opportunities for traders. It’s also to produce a product of value to its users. I doubt it really bothers Zuckerberg much. But if he does get down about it he can commiserate with Barack Obama, who has also earned the undying enmity of Wall Street despite the marked improvement in the stock market since he took office and the watered-down “reform” he shepherded through Congress.