Poor little rich Mark Zuckerberg. Just a minute ago he was worth upwards of US$19bn as people swallowed the hype about his company Fakebook — sorry, I mean Facebook. Then his IPO went awry and he will be lucky if he can lean into the bar and boast loudly that he has $14bn.
As if that’s not enough he is now being pilloried left, right and centre because he apparently did not leave a tip when he recently visited a restaurant in Rome . Yes, you heard right. The world’s richest young guy didn’t tip on a € 32 meal. Nothing, zero, zilch. He ate, he paid and he just left without nodding at the waiter.
You just cannot win, can you? People want you to tip when you have just had $5bn wiped off your net worth! It’s not fair. Please, give the man a break.
Those of you holding Facebook stock probably won’t, though. Shame, I understand. Terrible to see all those dollar signs dissolving into mush just because Wall Street’s Masters of the Universe forgot to whisper in the little guy’s ear that actually, lead underwriters Morgan Stanley were, er, ahem, sitting on a report saying things were not that hunky- dory after all.
Why did Facebook’s IPO turn out to be such a spectacular disaster? I am sure the smart guys at Harvard Business School are already putting together a case study for all of us to sweat over (the words “greed” and “overvalued” will feature prominently ).
But really, was it just that? Sure, there was that software glitch that delayed trading and mangled early orders. Maybe the opening price was too high and the financial advisers over estimated demand. Maybe, maybe.
My view is that Zuckerberg, the man who was supposed to be chief champion of this IPO, had his mind on other things. The man didn’t even bother to go to Manhattan and glad-hand the analysts. Nasdaq chief Robert Greifeld had to fly to Facebook’s campus in California to be with him on the big day.
Turns out Zuckerberg was getting ready to marry his college sweetheart Priscilla Chan. Days after the IPO, he made the announcement on Facebook. Whose mind would be on business when he was about to get married?
And so off he went to Rome. The Telegraph reported that one of the restaurants the honeymooners stopped at is Nonna Betta. They spent ¤32 on fried artichokes, fried pumpkin flowers and ravioli stuffed with sea bass and artichokes. Yum.
The Zuckerbergs did not do a runner, as some do. They paid but left no tip. Problem is, they had been at another eatery the evening before and had not tipped there, either. Maybe Zuckerberg was feeling the loss of his $5bn .
Truth is, though, Italians generally don’t tip. This is because most Italian restaurants actually pay their waiters a wage. Foreigners in Italy generally do tip. The Italian waiters expect them to tip. They put in a little extra effort in expectation of this. Hence the Zuckerberg tip storm in a teacup.
I have always been fascinated by the Mauritian hospitality industry. Service in Mauritius, unlike here in SA, is extremely good. Waiters appear at your elbow before you even think that you need something. Glasses are always full. Requests are executed with speed and a smile.
Back home, despite the tipping culture ( though I have been to lunch with a billionaire who did not leave a tip), service is generally shocking.
I hear horror stories about this all the time. Recently two of my friends made a booking at a top class eaterie in Johannesburg and yet were treated terribly by everyone from the maĆ®tre d’ to the waiters. Appalling.
Yet they still left a tip. Maybe this is where we go wrong. They said they left the tip because they know the waiters do not get a basic wage and have to survive on tips.
Tipping is not part of the culture in the big Mauritius hotels. The first time I went to Trou Aux Biches hotel in 2007 the staff were excellent. The hotel has now undergone a huge refurbishment. It kept the staff when it shut down. The same familiar faces are still there.
And they are absolutely excellent. You walk towards a restaurant and they jog towards you to find you a seat. Your glass is filled with water, wine is brought with a smile.
There are six restaurants at the Trou Aux Biches Hotel. Service is the same at each one: excellent. Tipping is not expected. We could all learn something about service from that country.
La Caravelle
Trou Aux Biches Hotel, Triolet, Mauritius
Tel: +230 204 6800
http://www.fm.co.za
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