today on the wealth master class I can guarantee you you will be excited to know that as we look at uh pitfalls mistakes people make with money your eyes will be open but please you are not alone if you've made mistake with money you are not alone you're not the first there are people who have made terrible mistakes with money some serious money mistakes some serious money Booga boogers some other people have made let us start number one uh there used to be a such engine uh company called excite they were so big they were the biggest in the world then Google showed up and Google asked excite to buy their site for $750,000 Google the founders of go Google Larry Page the founder of Google Larry Page begged excite to buy their site for $750,000 exite laughed at them and said who will put such a money on you today Google has more than $130 billion in asset it is part of the alphabet company that is now Worth close to $2 trillion excite and its company must be biting their finger number two D leens the mercedesbenz company biggest or among the biggest in the world became interested in Chrysler in America it sunk 20 billion it sunk so much money in Chrysler and lost $20 billion you will think that the guys run a place like mercedesbenz could they make any Financial mistake mistakes are to the magnitude of who you are and what investment you take the step to make so if you've made Financial mistakes you're own good company number three Kodak Kodak was the first digital camera as far back as 1977 when Kodak showed up so did polar so Polaroid the camera showed up and Kodak was making unbelievable money nobody knew how to make digitals like Kodak but they became so rested in their capacity in their achievement they did not do further research make better what they had and uh they were the first to fight patent for the first digital camera in 1977 but they did not make further research other cameras came became digitalized and overtook them and Kodak became history they've tried to make a comeback but could never really come back there's a company called new cop they used to own the one of the first uh email addresses many people had in fact maybe a few of the people on the platform today would remember mys space and Myspace was the it had was the uh email address system you could have but my space did not change and there were also the place you could go for social media to be able to such things to be able to send information to one another they also did not adjust Facebook showed up and face uh while Myspace was still on the rise in 2005 new scope bought it paying $580 million for the social media site but they did not do anything they did not develop it my space at 2008 became so big it was worth 12 billion but they rested a young boy came out of Stanford University never even finishing created Facebook bypassed Myspace and took it to the public sold it on the New York Stock Market social media called Facebook became worth about 400 billion my space which in 2008 was worth 12 billion was sold for $35 million it had died just that amount to keep people who are old customers who didn't want to shift what shall we say many of you in the United Kingdom will remember adverts or you remember Corner sh corner places where they had what was known as Blockbuster Video I still remember their advert my head is funny it records any advert I like blog Buster video blogbuster video if you wanted to watch any film Blockbuster were the ones whom film companies licensed their movie store to be able to rent it out so you went and rented these massive VHS uh tapes from blogbuster suddenly Netflix showed up on the horizon blogbuster did not adjust Netflix took over Netflix knocked them out and uh actually when Netflix showed up they went to Blockbuster why don't you come on our system so that through us your film can be seen all around the world Netflix proposed that it will handle blogbuster online but blogbuster could and blogbuster could still have installed videos and the the the chairperson of Netflix said they just loved us out of their office and today Blockbuster no longer exists Netflix on the other hand keeps exploding mistakes also are not only in the moneymaking they also even in the process can you ever ever ever ever imagine that a company like NASA America's uh Aerospace agency made mistake in calculation I need to read that to you in 1999 NASA designed something to go to Ms and study Mars they spent so much money $125 million to make the M the craft however when they made the craft two groups of people worked on it one group loaded data into it using English measurements while another one used metric system the machine got confused malfunctioned and $125 million was lost in space you probably heard their oats before Quaker oats Quaker Oats were started by Christians who were who left Europe Britain to be precise to go and live in America and they lived as a community to practice their faith they were LED that because whenever the power of God hit their Church they quicked in case you don't know the mean of Quaker Oats the power of God will hit their service and they'll be quicking they they'll be under the influence of the power of God and so to be able to just live as a community God gave them ideas for farming and they they farmed large oats farms and other things and produced they became and the the thing became became a big business billion dollar business in modern times then they now found that they didn't have a drink they could sell so they bought Snapple some of you have had Snapple before couldn't manage it well because it's not their Lane you're going to hear it in our teaching later you're going to learn how to stay in your lane and because it was not their Lane and they had dabbled into another person's Lane they lost so much money the drink they bought for $1. 7 billion doar Quaker sold Snapple for 300 million to another company and uh the same company they sold it to repackage it and 3 years later sold it for $1. 4 billion 1.
4 they lost so much money people who bought it and repackaged made so much money because that's their area of strength I can share a little more for you uh let me let let me look for people not just uh not just companies so that it comes down to you as an individual Bill Gates there was a time when the Rival company Apple was having serious financial crisis in 1997 Apple was at its low Point Bill Bill Bill Gates made an investment into Apple put $150 million there as an investment but it gave Apple the chance to rebound overtake Microsoft massively so don't foil your competitors in your attempt to show Power you might just foil your competitors with your anger with what you consider an investment when you didn't really invest what shall we say of Jeff Bezos the owner of Amazon he admitted to the world that he had lost several billions through trial and error businesses thinking that Amazon should be in every place Opera Winfrey made ambitious blonders after she had been for long on on on on TV through platforms that were provided for for her she started her own call own o WN Opera Winfrey Network but the early days of Opera Winfree Network were terrible because all the program they they Pro produced were flops and Opera admitted that the project was a flop and she said had I known that it was this difficult I might have done something else however it turned around after she had lost $330 million and almost suffered a nervous breakdown I mean some of us will lose ,000 or 2,000 uh £3,000 and and you can't sleep she lost $330 million and almost suffered a nervous wreck breakdown I beg you pardon but in a typical Opera Winfrey fashion she rebounded rewrote scripts and the scripts became a major win what shall we say of the father of uh shares and stocks and Investments Warren Buffett made a $200 billion misfire he he he admired somebody's company and trusted that company will do well and encourage people to invest there and he to invested there bought controlling shares in the company only to make massive massive uncommon losses Richard Branson you remember the Virgin name if you read his book unusually candid you will see that that he had the knock for starting things and uh at a point he he branched everywhere virgin COA Virgin Radio Virgin Airlines virgin I don't know what they call their gym they had a name for their gym virgin this virgin that and the brand eventually but eventually found out that virgin Cola was not a good competitor for Coca-Cola Pepsi Cola those guys knew their patch they knew how to handle it and uh virgin Quil only reached half of a percent of the market share and could not survive and had to die a quiet death which according to brard Branson he saw it as a success that he knew when to shut down I also remember the fact that he used to be the major shareholder in virgin that flew to the country of Nigeria but when he saw that hey the level of prary the people wanted he could not continue he quickly sold his share and moved out and virgin Nigeria died although there's still virgin Global that flies into Nigeria your taste too your appetite can put you in trouble LEL whatever way you woman call l' I think I let me say the French way is it l'oral or LEL French people are very funny they put uh their two uh gums together LEL okay LEL the founder made the company lose $1. 4 billion to a soci Society photographer who was 25 years younger than her obviously in whatever trist they were involved in she paid or gave him a lot of money her family fought him so hard uh and portrayed him as a jigo who took advantage of their matriarch in 2015 this guy was convicted of abuse and money laundering was ordered to pay back $173 million out of 1.
