Zuckerberg’s Hoodie Maketh Not the Mogul?

Facebook CEO Mark Zuckerberg has been making the rounds this week in preparation for the social media company’s IPO on Wall Street on May 18. Facebook’s valuation is $100 billion, the highest ever for an internet company.

As the New York Times’ Bits blog noted on May 9, Facebook has amended its public offering prospectus six times, with the latest amendment about its being currently unable to “directly generate any meaningful revenue from the use of Facebook mobile products.” While the number of users who access Facebook via a mobile device is quickly growing (488 million users accessed Facebook via a mobile device in March), the company has not been able to increase the number of ads delivered at the same rate. Facebook is growing, but not in such a way as to keep generating the revenue it so far has.

This significant, albeit rather technical, point has not been the focus of discussion about Facebook’s IPO road show.

CEO Zuckerberg’s sartorial choices — his signature hoodie — have been.

Said Wedbush Securities analyst Michael Pachter (who has rated Facebook’s stock to “outperform”) about Zuckerberg’s not suiting up in, well, a suit to make his Wall Street debut, as quoted by Bloomberg’s Mark Milian:

“Mark and his signature hoodie: He’s actually showing investors he doesn’t care that much; he’s going to be him. I think that’s a mark of immaturity. I think that he has to realize he’s bringing investors in as a new constituency right now, and I think he’s got to show them the respect that they deserve because he’s asking them for their money.”

CNET’s Jim Kerstetter sums up the response of many to Pachter’s hoodie hostility:

…let’s not take this whole “Wall Street is the engine of the economy and should be paid its due respect” thing too far. Without getting into the hard-to-pin-blame real estate disaster of the last decade, we can say the financial sector has shed 459,400 jobs over the last four years, according to a recent analysis of Labor Department statistics by The Business Journals (hat tip to The Huffington Post). And they’re not done. The Wall Street Journal reported last month that the big Wall Street banks are getting ready to shed more jobs over the next few months.

Pachter has gone on to elaborate about why Zuckerberg showing up on Wall Street in the wardrobe staple of the majority of teenage/college/20-something males is being seen as decidedly uncouth:

“When he shows up with a hoodie, and it’s really not done in Wall Street investor presentations, I think he’s saying, ‘I don’t care, I’m going through the motions, I don’t want to be here. I’d rather be back in Palo Alto writing code.’ That’s fine. If that’s what he needs to be creative, more power to him… He should wear whatever he wants, but not when he’s asking for money.

“He wouldn’t go to a wedding in hoodie. Maybe he would, but he shouldn’t. He wouldn’t go to church in a hoodie. I mean you shouldn’t. You just show the institution respect and I think he didn’t show respect on Wall Street.”

It could be pointed out that Facebook has achieved a few things that your typical Wall Street company hasn’t (mobilizing citizens in authoritative regimes to protest and challenge oppressive governments).

Very anecdotally, I do have to point out that I’ve seen plenty of young persons, and others, attend church in a hoodie, and not only at chapels on college campuses.

Hoodies tend to be made of sweatshirt material but, as TechCrunch points out, they do come in a pinstripe version made of “100% superfine merino wool,” same as in a “fancy-schmancy tailored suit.”

Kerstetter noted that, last year, JP Morgan Chase CEO Jamie Dimon, “the face of oblivious Wall Street wealth,” received $23 million in total compensation. Just on Thursday, Dimon revealed that JP Morgan lost $2 billion on “complex investments” made by its traders as a result of “many errors, sloppiness and bad judgement.” Describing these as “egregious mistakes,” Dimon also said that these were “self-inflicted and this is not how we want to run a business.”

So the bankers are saying they don’t know how to run their business. No wonder they put so much store in having “suit-able” attire: They’d best look the part of nattily dressed authoritative types, since they’ve been a bit “sloppy” in some other areas involving an awful lot of money.

(Though still less than Facebook is worth.)

Related Care2 Coverage

Our Facebook “Likes” Aren’t Protected By the Constitution

Facebook Valuing Itself At Almost $100 Billion

Facebook App Hopes to Make Organ Donation “Viral”

Photo by Crunchies2009

56 comments

Huber F.
Huber F4 years ago

Zuckerberg has exposed ideas to an inept closed door world that hates to accept new advancements and that hates to pay for technology..

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Eternal Gardener
Eternal G5 years ago

Suit or hoodie? Who cares... whatever he wears he still stays the same sufkut!

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Eternal Gardener
Eternal G5 years ago

Suit or hoodie? Who cares... whatever he wears he still stays the same sufkut!

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Eternal Gardener
Eternal G5 years ago

Suit or hoodie? Who cares... whatever he wears he still stays the same sufkut!

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Eternal Gardener
Eternal G5 years ago

Suit or hoodie? Who cares... whatever he wears he still stays the same sufkut!

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federico bortoletto
federico b5 years ago

Che indossi quello che vuole.

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Marilyn J Leger
Marilyn L5 years ago

Wall Street: Get over yourself! The guy has a terrific philosophy, an incredible company that puts it into operation and people signing onto Facebook at such a pace you get dizzy trying to keep track. Not to mention more money than Croesus. So what he wears a hoodie? Maybe Wall Street should attire themselves to his standards to show their respect and interest.

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Ira L.
Ellie L5 years ago

How jealous are you banker/crooks! You WISH you had the genius to create Facebook! As for Zuckerberg's attire......He can wear ANYTHING he pleases, and no one should have the audacity to question what he or anyone wears. Who says YOUR manner of attire is better than anyone else? It's not what's on the OUTSIDE of a person, but more importantly what's on the INSIDE. Then again, greedy rich people: You think you have the power/right to call all the shots and everyone will succumb to YOUR way of thinking.

Well, guess what crooks - YOU DON'T HAVE THAT POWER!!! The embattled citizens of America will rise up and destroy you. Wear your hoodie, Mark, for the millions of Americans who've been "used and abused" by teabagger/republican/Wall Street "empty suits."

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Robby C.
Past Member 5 years ago

Again, I personaly don't care what Zuckerman wears OR how much $ he has. But, we wear what we wear knowing we will be judged. Deep down, we expect (& often want) it- we just want it to be positive. Hell, women spend a huge percentage of their lives trying on 'outfits' to compare w/other women. We try to steer one's opinion of us, by the way we carry ourselves, the things we say, & yes, the way we dress. That's the way it is & regardless of all the "clothing shouldn't matter" BS, it does matter. Most wouldn't go to church wearing beach clothes, or on a first date 'sagging,' or to a business meeting in pj's, or to see grandparent's w/a crude sexual slogan on their t-shirt, etc... Part of the way we show respect for one another is by dressing appropriately for a given situation. It's the way it is & the way it should be. Trying to look one's best for certain situations is a good thing. The problem is, most people want respect, but don't understand that to GET respect, they need to GIVE respect.

I notice people are bringing up trayvan, yet again. Well, he wore a hoodie, gold capped teeth, & tattoos. Why? B/c he wanted to look all mean, scary, & gangsta-tough. Well, he did. And since that hoodie was over his head while he was walking in the dark, through a gated community, where several break-ins had occurred semi-recently (by people of his own minority), he had an altercation. The question is, did he deserve to get shot...? Only if he assaulted Z first

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Aurea Walker
Aurea A5 years ago

Who cares what he wears, it is RIGHT to wear whatever he WANTS. the true irony is the suit wearing wall st. GANGSTERS WHO HAVE ROBBED THE COUNTRY BLIND while wearing their Armani, Zegna etc.... 10,000. suits.

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