The Internet's Money Machine

Using the market's new math, CMGI's David Wetherell is rolling out one gazillion-dollar IPO after another

What's the most valuable product you can manufacture? Supercomputers? Stealth bombers? Beanie Babies? David Wetherell, 44, has figured out how to fabricate the dearest items in all the land: stock in Internet companies. As chairman and CEO of CMGI, based in Andover, Mass. Wetherell has melded together the trends and technologies of the Internet into a virtual initial-public-offering factory that analysts expect will churn out perhaps half a dozen highly lucrative offerings in the next 12 months.

There is nothing mysterious about Wetherell's business model: find promising Internet company, buy stake, fund growth, provide guidance, sell company; or take it public...

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