Two Ad-executives Raise Money Through Crowd Sourcing to Buy Pabst
We Only Tried To Buy PBR Ironically
by
Bruce of Brews on Jun 9, 2011 in
Culture
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Recently, two ad-executives recently tried an online experiment that involving crowd sourcing via social media websites.
Michael Migliozzi and Brian Flatow set out to raise $300 million in investments to buy out Pabst Brewing Co. via Facebook and Twitter. Accepting no money, only pledges, they directed interested parties to their now-defunct website, www.buyabeercompany.com.
The result? They received more than $200 million from around 5 million different investors. This was before the Securities and Exchange Commission filed a cease and desist order claiming that they had failed to register before seeking to sell shares to the public. A claim the two executives complied with, though neither confirmed nor denied the accusations.
Crowdsourcing is a term used to outsource certain tasks to a large number of people, in this case, Facebook and Twitter. It was later revealed that they weren’t actually trying to purchase the beer company, but merely trying out an experiment. An experiment in which they commented was tremendously successful.
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