Topics:<\/b> Failure; Greed; Humility; Money; Risk; Stewardship; Success<\/p>\n
References:<\/b> Matthew 6:24; 1 Timothy 6:10, 17\u201319<\/p>\n
Michael Donahue, founder of InterWorld Corporation in New York City, was elated when his company\u2019s share price skyrocketed in a public stock offering in August 1999, earning him $448 million. So he splurged big-time.<\/p>\n
He bought a $9.6 million second home in Palm Beach, spent $100,000 to help sponsor his polo team in Florida, and dropped a bundle renting a private jet so he could whisk off to Palm Beach on weekend jaunts with his wife. \u201cIt was a lifestyle thing,\u201d he says.<\/p>\n
Today Donahue is a member of another club\u2014call it the 90 percent club\u2014of executives whose companies\u2019 stock prices have fallen that much or more from their peak. The value of Donahue\u2019s InterWorld stake has plunged to $12.6 million; the share price falling 96.8 percent to $2.94 from a peak of $93.50 on December 31, 1999. Donahue was asked to repay part of a $14 million loan he took out with his InterWorld stock as collateral. And he had to put his Palm Beach house on the market for more than $13 million.<\/p>\n
\u201cGoing up was easy,\u201d Donahue says. \u201cBut when it starts going down, no one wants to talk to you. It\u2019s been the most challenging personal experience of my career.\u201d<\/p>\n
\u2014Susan Pulliam and Scott Thurm, \u201cEchelon of Ex-centimillionaires Sees Stakes Plunge as Net Craze Fades,\u201d Wall Street Journal<\/i> (October 20, 2000)<\/p>\n","protected":false},"excerpt":{"rendered":"
Topics: Failure; Greed; Humility; Money; Risk; Stewardship; Success References: Matthew 6:24; 1 Timothy 6:10, 17\u201319 Michael Donahue, founder of InterWorld Corporation in New York City, was elated when his company\u2019s share price skyrocketed in a public stock offering in August 1999, earning him $448 million. So he splurged big-time. He bought a $9.6 million second … Continue reading “THE
\n 90 PERCENT CLUB”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6503","post","type-post","status-publish","format-standard","hentry","category-sermons"],"_links":{"self":[{"href":"https:\/\/www.biblia.work\/sermons\/wp-json\/wp\/v2\/posts\/6503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biblia.work\/sermons\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biblia.work\/sermons\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biblia.work\/sermons\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biblia.work\/sermons\/wp-json\/wp\/v2\/comments?post=6503"}],"version-history":[{"count":0,"href":"https:\/\/www.biblia.work\/sermons\/wp-json\/wp\/v2\/posts\/6503\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.biblia.work\/sermons\/wp-json\/wp\/v2\/media?parent=6503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biblia.work\/sermons\/wp-json\/wp\/v2\/categories?post=6503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biblia.work\/sermons\/wp-json\/wp\/v2\/tags?post=6503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}