Does Anyone Actually Use LinkedIn?

Posted: May 27, 2011 by Keith Stone in computers, job search, LinkedIn

LinkedIn’s IPO created quite a ruckus last week. It sold 7.84 million shares for $45 a pop. These shares were then trading later in the day for up to $122. There’s only one problem: LinkedIn might be the most useless site on the face of the Earth. I’m sure some people have used it as a way to attract headhunters or network their way to a job, but I don’t know any of them and it sure isn’t me. When I was in college, I was told that it was vital in this job market. Bullshit.

Every couple of weeks I get an E-mail saying that somebody wants to connect on LinkedIn. I click OK and then nothing happens until I get another E-mail from another person that I barely know. I get that LinkedIn is supposed to be a more professional version of Facebook, but how is it better than just actually sending somebody a message on Facebook? If my friend says I should talk to Joe Blow about a job, I’ll send him an E-mail. We don’t need separate social network for personal use, jobs, sports, movies, music.

That’s why I don’t get why the stock is so high and I’m a little worried. I feel like the people who are making these financial decisions aren’t actually plugged into the real world. They may read an article about LinkedIn or Zynga or Groupon and how it’s so great. And yes, there may be people out there that may use LinkedIn on a daily basis. I just don’t see how that makes it a billion-dollar company. It makes money from tiny ads on the side and subscriptions but how much can this actually bring in? LinkedIn made a profit of barely over $1 million last year. Will the cash infusion from the IPO create a way to better monetize the site? I don’t think so! Maybe LinkedIn can become the go-to job search site, but there’s already Monster.com and Career Builder. Let’s all hope and pray that this isn’t the beginning of another tech bubble and investors will be wiser in the future. For now, kids I went to sixth grade with can stop connecting with me.

Daily Finance

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