When faced with a problem or complicated situation it’s not uncommon for a person to ask friends for advice. But would you allow friends to make decisions about how to live your life? In 2008 Mike Merrill decided to split himself into 100,000 shares and set an initial public offering price of $1 per share. Shareholders would get voting privileges and decide what Merrill would do on a daily basis and on a grander scale, no questions asked.
Merrill started out by selling 929 shares to twelve of his friends. He paid $500 to a web developer to create a site with an online trading and voting platform. The share price operates in a free market manner- if shareholders don't like what Merrill is doing, they can simply sell shares and drive the price down. Within five years, Mike sold over 3,700 shares of himself and his stock price, which is calculated in real time, hit a high of $20.
Joshua Davis followed Merrill for over a year for an article featured in the April issue of Wired Magazine.
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