Whilst at Cornell University, Stephan Paternot and Todd Krizelmann, two young students, had used a chat service on the university computer network. They decided to build their own chat service that would run on the Web. theGlobe.com went live in 1995 and attracted over 40,000 users within its first month. In 1997 they raised $20 million in venture capital – they were still both only 23 years old. At the end of 1998 theGlobe.com had its initial public offering (IPO). The company had never made a profit; indeed it’s not clear if it had ever earned any money at all. The initial stock soared a record-breaking 606% in its first day of trading – Paternot and Krizelmann were now each worth $100 million!