Bubbly Wiki.com buyer bullshits, will bail on $3 million deal
The Internet went a-twitter last week when John Gotts (who made his millions selling anti-spyware software) bought the Wiki.com domain for $2.86 million. When users on Digg.com called this a sign of a tech bubble (how do you make a site about wikis earn millions?), Gotts defended his purchase by summing up his business plan:
To start we will license JotSpot software to host collaborative efforts for anyone who wants a public or private wiki.
Thing is, JotSpot tells me they have no partnership with Wiki.com. Whatever deal Gotts thought he had must have fallen through.
No worries, though. Gotts is only making six $10,000 monthly payments for Wiki.com, before he seals the deal with one $2.8 million payment. According to the terms of the deal, Gotts could walk away before the $2.8 million comes due. He says on Digg, "We are willing to spend $60,000 to make sure this is indeed going to be a profitable venture before committing the balance."
Given all that, it seems like Gotts needs to find another partner, or he'll drop this deal.
