This month’s initial public offering of Facebook will mint a lot of new multimillionaires. No doubt they will spend some of their wealth on fast cars, private jets, jumbo-size boats, and stunning vacation spreads in Hawaii.
But as is the Silicon Valley tradition, they’ll also put some of it into a new generation of start-ups. Hundreds of Facebook employees will have enough money to become “accredited investors’’ in private companies - aka angels. The Valley already has so-called mafias of rich alumni from companies like Google and PayPal supporting new ventures. (The very first investors in Facebook, in fact, were members of the PayPal mafia.) And the money invested by Facebook employees and veterans over the coming years will be another energizing espresso drip into the Valley’s economy.