The Zuckerbergs may have given away 99% of their money to charity,
but Iconiqcapital that manages their assets of the Facebook founder,
still had $700 left in change to buy the domain from Amal Augustine, who
registered the website address “maxchanzuckerberg.org”.
Amal Augustine, an engineering student from Kochi bought a domain, effectively blocking someone from buying it, and sat on it till he was sent a request for purchase. By the end of the deal, he realised that the deal was being struck by a company handling the Facebook CEO’s representatives
This process of making money is called cyber squatting. Like gambling, you invest in domains that you think will be valuable in the future, like the name of a rich Sillicon Valley giant’s kid’s name and hope that they’d want to buy it some day and ask for much higher amounts of money that you bought it for then. You can buy a domain for as low as Rs 100 and so, making a profit is quite easy.
Amal Augustine, an engineering student from Kochi bought a domain, effectively blocking someone from buying it, and sat on it till he was sent a request for purchase. By the end of the deal, he realised that the deal was being struck by a company handling the Facebook CEO’s representatives
This process of making money is called cyber squatting. Like gambling, you invest in domains that you think will be valuable in the future, like the name of a rich Sillicon Valley giant’s kid’s name and hope that they’d want to buy it some day and ask for much higher amounts of money that you bought it for then. You can buy a domain for as low as Rs 100 and so, making a profit is quite easy.
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