Updated
EMax says it is a new startup in Palo Alto, Calif. launched this week by “a bunch of ex-marketing guys from PayPal,” according to a tipster. It looks like another company that promises to make you rich off the Web, if you jump on its bandwagon early.
However, there’s something fishy about it, and it may be a prank. The tipster, named “Max Levchin,” used the name of the PayPal co-founder. However, the tipster used poor English, which caused suspicion because we know Max is meticulous. We contacted the real Max, and sure enough, Max says it wasn’t him. We contacted EMax, and haven’t heard back yet. We’re wondering who Elliot Lee is, owner of the domain. [Update: VentureBeat just reached Elliot at his Palo Alto home, and he insists the site is for real, but said he doesn't know who contacted us. Strangely, he wouldn't confirm or deny being a former PayPal employee. He suddenly had to go, but said he's available to talk Wednsday. Stay tuned for second dispatch of this bizarre story]. So here’s what the site says it does:
It is very similar to Agloco, the site we wrote about here. Like Agloco, it wants to go public, and then allows you the shareholder to benefit by having public stock.
Like Agloco, it says it wants to gather users together so that they can boost their purchasing power through group buys - it pitches “instantaneous and compelling discounts at popular national chain stores, restaurants, and service providers without any of the usual sacrifices.”
If Agloco sounded a bit like a pyramid scheme, so does eMax. It offers an iPod giveaway for referring your friends to sign up.
Here is the FAQ. If nothing else, this spoof/launch will scare Agloco into finally releasing its Viewbar, which is due out any day now. It is amazing how many people fall for these things. Agloco aims to sign up 10 million people by July.
5 Comments
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jp said:
“used the name former the PayPal co-founder”
Max Levchin is the name of a PayPal co-founder ?
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Shawn Honnick said:
I’ve seen all of them (including maybe two or three good ones). This one’s lamer than a dead duck.
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Matt Marshall said:
Thanks, fixed
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Steve Rumberg said:
I know Elliott Lee personally (I’m his real estate broker). I don’t work at eMax, I’m not an investor, etc.
Elliot is CEO of eMax. eMax is trying to build excitement for their company by giving away a VERY SMALL amount of stock to people who talk it up to other people. Whereas other companies give you a month of free service or $5 credit to your account when you refer a friend to their product or service, eMax gives a few shares stock– it’s very “Silicon Valley” (if you are from the area you’ll understand this because so many folks here get paid at least partially in stock). This is a simple marketing concept based on “social networking.”
Like all corporations do, even small mom-and-pop ones, I’m sure eMax corporation has authorized HUNDREDS OF MILLIONS of shares of stock of which I’m sure 99%+ will be held, of course, by the founders/investors. A tiny fraction will be given away via this marketing program and there is no way that anyone will “get rich” (slow or quick) from this. It’s just a clever way to incent people to spread the word.
It’s understandable that these days people are SO suspicious that they don’t want something even for free, but since there is NO COST to do this, I can’t see how their innovative refer-a-friend marketing program could be considered a “pyramid” scheme. Even if the company goes belly up and the stock remains worthless, what have you lost? Zip, zero, nothing!
So, if you like the idea of watching what happens to an upstart company because you own a few shares and you might win an iPod for your effort, then sign up (you provide only your name, email address, and what your favorite store is). If you you don’t want a few shares of stock for free or to possibly win an iPod, then just don’t sign up and don’t mention it to anyone.
My real name is Steve Rumberg, my real website is http://www.SteveRumberg.com and my real email address is steve@steverumberg.com. Feel free to contact me if you like.
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