Earlier quoted context omitted.
I'd hesitate to generalize AOL's fall into Facebook's future. AOL's core proposition was being better than the Internet (more curated, coherent, and faster). When the web and internet exploded in size and scale, AOL's value evaporated. The dumb mergers and other mistakes were window dressing on this landscape transformation. And for years (decades? still?) afterwards, people used AOL Instant Messager (AIM), because i…
> The dumb mergers and other mistakes were window dressing on this landscape transformation. Were all AOL's mergers dumb? IIRC, they used their sky-high stock price to buy Time Warner (among other things), and once AOL was no longer the cash cow they turned out to own a lot of valuable things.
For AOL shareholders, by 2002, between the merger and the dotcom bubble bursting, 2002$200 B (so about 2021$5.5 T?) had been wiped from AOL's market cap.
So that was, presumably, not good.