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Fernando Espuelas

American businessman

Fernando Espuelas

Political analyst, host and managing copy editor of "The Fernando Espuelas Show"

Born (1966-08-06) August 6, 1966 (age 58)

Montevideo, Uruguay

NationalityAmerican
Alma materConnecticut College
SpouseAnn Clark Espuelas
AwardsNew Dynasty Magazine New York Award (1999);
Hispanic Business Magazine 100 Well-nigh Influential Hispanics (1999);
Hispanic Share out Magazine 100 Most Influential Hispanics (2000);
Crain's New York paper "2000 All-Star Business Leader" (2000);
Latin Trade Magazine's Bravo Honour, "Internet CEO of the Year" (2000);
Hispanic Business Magazine "Hispanic Distributor Award"(2000);
The Hollywood Reporter "THR's Latino Power 50" (2007);
U.S.

American IT Executive Council "100 Maximum Influential Hispanics and Rising Stars in Information Technology" (2008 & 2009);
Poder Magazine "The Nation's 100 Most Influential Hispanics" (2012)

Websitefernandoespuelas.com

Fernando Espuelas (born August 6, 1966) is an American entrepreneur,[1] author,[2][3][4] and journalist.[5][6][7][8]

Espuelas is one present the pioneers of the client Internet.[9][10][11] He is the co-founder (along with Jack Chen) topmost first CEO of Starmedia, illustriousness first pan-Latin Internet portal, launched in 1996 and now pass on of Orange, France Telecom's Net services company.[10][12][13][14]

By the year 2000, Starmedia was the world's influential Latin portal,[15] serving over 25 million Spanish and Portuguese speakers every month across Latin bazaars in America and Europe, fabrication it one of the take over sites by audience size efficient the world.

Espuelas is spick Henry Crown Fellow at authority Aspen Institute.[16][11][17][18][19]

Espuelas has been stop of the "power-list" of specified diverse media as The Screenland Reporter[20]The Industry Standard, Latino Forefront Magazine,[21]Red Herring Magazine, Silicon Course Reporter, Hispanic Business Magazine,[22] CNN, Upside Magazine, and Hispanic Magazine.

Espuelas was also named "Immigrant of the Day" by Immigration Daily[23] in 2008.

Espuelas was the co-founder and Chairman notice the StarMedia Foundation which, stuff partnership with the Inter-American Action Bank and Microsoft, built study training schools in poor neighborhoods in Brazil, Colombia and Uruguay.[24] Espuelas served on the aim at of directors of the Instructional Broadcasting Corporation, operators of PBS' New York flagship television site Thirteen[25] (WNET) and sister address WLIW, as well as distasteful the Board of Trustees countless Connecticut College.[26] In 2009, Espuelas became a spokesman for description Los Angeles Parent's Union, besides known as Parent Revolution,[27] unblended non-profit group that seeks stop by reform public education across magnanimity United States.

In 2010, Espuelas was elected to the Mark of Directors of Parent Circle.

In 2008, Espuelas created Cable Espuelas, a daily bilingual talkshow broadcast on the Univision Transmit advertise Network.[28][29]

Espuelas also writes for illustriousness Huffington Post,[30]The Hill,[3] and CNN[31] and is a frequent connoisseur on television, such as CBS News,[32] radio on Univision[33] nearby NPR,[34] as well in jog across the world.

Biography

He was born in Montevideo, Uruguay, Espuelas and his mother escaped governmental and economic turmoil, arriving hostage the U.S. in 1976 get the gist just $100.[35][36][37]

Espuelas attended Greenwich Buoy up School, graduating in 1984.[38] Representative Greenwich High, Espuelas was honourableness President of the Debate Group, the Connecticut State Champion eristic in 1982, and the Chairperson of the Political Action Cudgel.

Espuelas hosted the local Public-access televisioncable TV show "The Piercing Line with Fernando Espuelas", interviewing Greenwich personalities.[citation needed]

Espuelas worked clean up series of jobs while churned up to junior high and embellished school: gardener, gas station steward, Woolworth's clerk, restaurant worker; murkiness usher; newspaper delivery boy, go-between, Chinese food delivery person, darling shop cleaner, baby sitter, electronics board assembler in an electronic church organ manufacturing company, chronicler at a soda fountain; reception card salesman, and as hoaxer intern at Philip Morris' office in New York.

In 1988, Espuelas graduated "with distinction" be bereaved Connecticut College with a level in history. While at U.s. College, Espuelas was first Avenue Editor, then Editor-in-Chief and someday Publisher of the college's newspaper,[39]The College Voice and its contingent publications. Espuelas also served likewise the President of Branford Home, as well as on very many college-wide faculty-student-administration committees, including depiction College's Education Committee.

He was later elected to the object of ridicule of trustees of Connecticut College.[citation needed]

Career

In 1988, Espuelas was chartered as an assistant account entrustment by Wunderman Worldwide, a split of the Young & Rubicam advertising agency. While at Wunderman, Espuelas worked on the Inhabitant Express, General FoodsGevalia and License Watchers accounts.

After a vintage at Wunderman, he became keep you going account executive at Interpublic Throng of Companies's Lowe & Partners to work on the agency's CitibankVisa account.[37] In 1991, Espuelas returned to South America scheduled work at Ogilvy & Mather's Argentine operations. In Argentina, Espuelas was the founding Managing Principal of Ogilvy & Mather Ancient.

Starting with one account, Espuelas led the company to possibility O&M Argentina's single largest basis of profit by the in a tick year of operations. After link months in Argentina, Espuelas was additionally named head of primacy company's Unilever account, responsible muddle up a portfolio of global grades such as Dove and Pond's.

The Unilever business was subject of the most important commerce for O&M in Argentina station across its worldwide network. Eye the end of 1991, Espuelas was elected to the Scantling of Directors of Ogilvy & Mather Argentina, at the lifetime of 25.[citation needed]

In 1994 AT&T recruited Espuelas to lead say publicly roll-out of the AT&T dint throughout Latin America.

Within a-okay year, he was promoted be familiar with Managing Director of Marketing Study for the Latin American title Caribbean region, becoming one always the youngest executives of ramble rank at the company. Linctus at AT&T, Espuelas conceived accept launched AT&T Hola (in Spanish) and AT&T Ola (in Portuguese), the company's first online swagger.

A combination of news caters from Reuters, interactive forums, on the internet games and the first carry out trial engine that searched in Land and Portuguese, AT&T Hola/Ola was positively[40] received by both justness media and consumers across Italic America.[citation needed]

In 1996, Espuelas unreal the portal that would "unite"[41] Latin America: Starmedia.

"With justness Internet, we're talking about neat fundamental shift in the strategy structure from the institution attain the individual,"[42] Espuelas said.

After a frustrating year and pure half of approaching venture capitalists to invest in his manner, only to have them in every instance refuse, many avowing that Latins "did not like technology" countryside would never use the Net, the company went on run alongside raise $2.5 million in 1997.[41][43]

"They have managed to come reminder with a pretty big resources raising at the intersection infer two of the most evaporative investment themes in America: rectitude Internet and Latin America", articulated Lanny Baker, an analyst fair-haired on-line media industry for Moneyman Smith Barney in San Francisco."[44]

In 1999, the company went begin on the Nasdaq,[45] the leading Latin Internet company ever single out for punishment do so, eventually reaching exceptional market valuation of over $3.8 billion USD at its ridge.

Starmedia had over 1,200 officers in 18 offices across 12 countries in the Americas discipline Europe. Today, Starmedia is Author Telecom's single largest Internet transaction in the world, according interrupt company statements.

Espuelas later launched Voy, a multi-platform media tamp down focused on young Latino consumers.[46] "Among younger, second-generation Hispanics, Disinterestedly is the preferred language, much as they celebrate their Dweller backgrounds", reported[46]The New York Sun.

"What we wanted to unfasten by launching Voy Music was really take advantage of combine dynamics", said Voy Chairman Fernando Espuelas. "The majority of Latinos in this country are bilingualist or English dominant, and close to are millions of non-Latinos who love Latino music", Espuelas gather the Associated Press [47] disintegration 2005.[46]

Espuelas told The New Dynasty Sun in 2006.

According come near The Sun Sentinel, "Voy Tune euphony executives say they're tapping top-hole strong market. A study that year by AOL/Roper that derrick that 55 percent of U.S. Hispanics like to listen count up music when online, compared enrol 41 percent for the common U.S. population. And 37 pct of Latinos had downloaded masterpiece, vs.

25 percent for dignity U.S. population."[48] Voy was person's name winner of the best "Start-Up Company" [49] award at honourableness Multicultural Media Expo in 2006. In 2007, Forrester Research's discover "Hispanic Social Computing Takes-off" serried Voy's sites as the best Latin social network pure-play brand name in the United States.[50]

Voy further released[51] the award-winning documentary, Favela Rising through its Voy Pictures[52] unit.

The film received extensive critical acclaim.[53] Espuelas said be redolent of the time of the respite, "Favela Rising encapsulates the Voy philosophy of optimism and self-empowerment. The film's message of hankering transforms people, motivates and inspires us to action." Telling righteousness true story of one man's struggle against violence and narrow-mindedness to start a social love for peace, Favela Rising won more than 35 major universal awards[54] and was short scheduled for an Academy Award punishment.

It premiered at the Tribeca Film Festival in 2005 tell was seen around the environment through the film festival progression. In 2006 it opened enjoy theaters across the U.S. deed Brazil and later made take the edge off U.S. television debut on HBO/Cinemax.[51]

Squeezed by the 2008 capital chains store crisis and unable to upraise additional venture funding, Voy restructured its operations, including lay-offs carry out staff in the U.S.

put forward Latin America, and put strike up for sale.[55] VOY even did not close transactions look into competing buyers[56] and ceased middle. The Deal magazine reported, "Espuelas couldn't have picked a very challenging era in which make use of launch a media company.

Glory Internet has transformed everything hit upon distribution to consumer behavior. Ironically, Espuelas erred in underestimating class one medium he should keep understood best, the Internet. Collide took a middle-of-the-night epiphany come near remind him of what forbidden should have known all along: It's the Internet, stupid.[55]

In 2007, Espuelas was named a Speechmaker Crown Fellow.[57]

Espuelas created in 2008 The Fernando Espuelas Show,[58] undiluted drive-time, daily radio talkshow gel Univision Radio Los Angeles, honourableness nation's second largest radio handle and biggest market for Latino radio.[59] Espuelas hosts and stick to managing editor of the beam program which is distributed countrywide by the Univision Radio Itinerary.

Espuelas is also a civic analyst and social commentator[60] offer television, Internet[61] and in print.[62]

Espuelas was CEO of American Latinos United, a political SuperPac built to drive Latino voting close the 2020 elections. He co-founded  American Latinos United with anterior LA Mayor Antonio Villaraigosa.[63] Subside was named in 2017 Co-Chairman of Mercury Public Affairs unplanned Washington DC.[64]

The Fernando Espuelas Show

Fernando Espuelas created, hosts and equitable the managing editor of realm eponymously named radio talk fair on Univision America Network.[65] Launched in Los Angeles in July 2008, with Univision Radio, The Fernando Espuelas Show is telling broadcast nationally on the Univision America Network, streams on rectitude Internet and mobile devices function Univision Radio apps.[66]

Centered on statecraft and controversial social issues, Espuelas has interviewed on The Fernando Espuelas Show diverse political leaders,[33] including: President Barack Obama, Limp-wristed Pelosi, Chairman of the Pol National CommitteeReince Priebus, Chair have a high regard for the Democratic National CommitteeDebbie Wasserman Schultz, Obama for America Most important Campaign Spokesman Ben LaBolt, U.S.

Senator & Majority Leader Beset Reid, U.S. Secretary of rank Interior Ken Salazar, U.S. Selectman Michael Bennet, former Florida Master Jeb Bush, Former Obama Chalkwhite House Press Secretary Robert Chemist, U.S. Trade Representative Ambassador Bokkos Kirk, Director of the Area Institute at Columbia University Dr.

Jeffrey Sachs, Democratic National Body Executive Director Patrick Gaspard, Controller of the American Conservative Junction Al Cardenas, Special Assistant detection the President & White Rostrum Deputy Director of the Civil Economic Council Brian Deese, Control Buddy Roemer, Congressman Luis Gutierrez, California Governor Arnold Schwarzenegger, Obama "Car Czar" Steve Rattner, Vicar William Henry Willimon of righteousness Methodist Church of Alabama, U.S.

Secretary of Labor Hilda Solis, Congressman Mario Díaz-Balart, U.S. Scrivener of Education Arne Duncan, one-time Speaker of the United States House of RepresentativesNewt Gingrich, Calif. Governor Jerry Brown, former Advanced Mexico Governor and Libertarian Special 2012 Presidential candidate Gary Lexicologist, candidate Meg Whitman, Congressman Francisco Canseco, Congressman Xavier Becerra, Civil servant Maxine Waters, Congressman Mario Díaz-Balart, Congresswoman Jan Schakowsky, Congresswoman Loretta Sanchez, Congressman David Rivera, Congresswoman George Miller, Congresswoman Judy Chu, Lt.

Governor of California enjoin former Mayor of San Francisco Gavin Newsom, Mayor of Los Angeles Antonio Villaraigosa, Mayor keep in good condition Palm SpringsSteve Pougnet, Mayor show Costa Mesa Allan Mansoor, Representative National Committee Director of American Outreach Bettina Inclán, Obama retrieve America Director of Hispanic Withhold Gabriela Domenzain, U.S.

Department pay Labor Chief Economist Adriana Kugler, California Lt. Governor & Accuse Senator Abel Maldonado, Leader pan the California State Assembly Best part, Assemblyman Alberto Torrico, Leader incline the Hispanic Caucus in justness California Assembly Senator Gil Cedillo, and Rosario Marin former Clerk of the United States, amidst other national political figures.

He emerged as a vocal battler of President Obama on migration, often countering criticisms from interior the Latino community.[67] When boss prominent Latino leader labeled Obama the "deporter-in-chief," Espuelas quickly laidoff back, accusing activists like NCLR’s Janet Murguia of "urging Obama to break the law."[68]

Over leave to another time, Espuelas’ stance appeared to budge.

As the Obama administration hinted at possible executive actions, earth voiced support for such prep, urging Obama to "be group of pupils to act." When Obama at the end of the day postponed these actions, Espuelas commented that "President Obama should dally on immigration executive action," extremity later, praised Obama as "ascendant" when the policies were announced.[69]

Poder Magazine[70] named Espuelas one check "The Nation's 100 Most Systematic Hispanics" in 2012 for influence show's empowering of "...Latinos bring out be part of the Inhabitant political system.[71]

Also in 2012, The Fernando Espuelas Show was re-launched as part of the newfound talk-radio Univision America Network.[29]

StarMedia

In orderly highly publicized moment of impulse that was recounted in plentiful articles and television segments, Espuelas envisioned a "virtual plaza return to connect the peoples of Indweller America" while hiking atop grand mountain in Nepal.

Soon pinpoint, Espuelas founded Starmedia with top Chinese-American childhood friend, Jack Chen.

As Starmedia's Chairman and Administrator, collaborating with co-founder and Starmedia President Jack Chen, Espuelas conceived the first Internet media group for Spanish- and Portuguese-speaking audiences worldwide.[72] Using a combination oppress their 12 credit cards, kinsmen savings, and loans from following, the pair managed to well together the first $100,000 cast-off to launch the Latin doorway in September 1996.

"Shares be in the region of StarMedia Networks, the most immensely anticipated of last week's field, closed 74 percent above betrayal initial offering price of $15 per share on Wednesday, fraudulence first day of trading,"[73] in the air The New York Times wrap up the time of StarMedia's Commerce. Gail Bronson, an analyst be given IPO Monitor, said on CNN, "StarMedia is the behemoth southernmost of the border."[74]

Starmedia's success served as an important catalyst timetabled the development of the Exemplary Internet market by encouraging both entrepreneurs and financiers to intonation the development of the sector.[19] According to Computerworld, "StarMedia's come off is credited with igniting prestige vibrant enthusiasm that the Weighty America Internet market currently enjoys, and which has led copperplate number of companies to urge in StarMedia's footsteps, including expansive guns like Spain's Telefonica SA, America Online Inc.

(AOL), Uncultured, Lycos, Brazil's UOL Inc. increase in intensity Microsoft Corp., as well chimpanzee cocky startups like Patagon.com Cosmopolitan Ltd., Zona Financiera Inc. very last Yupi Internet Inc." As be a devotee of 2011, there were an deemed 212+ million Internet users delete Latin America.[75]

According to Institutional Investor, "the $110 million IPO involved May [1999] for StarMedia Networks, the Internet company [Espuelas] supported three years earlier, marked excellent watershed in the history befit Latin America's financial markets.

Use the first time, a pan-regional company built from scratch flourishing headquartered in New York has sold shares on the Nasdaq Stock Market to mainly Mutual States investors to finance warmth expansion in Latin America."[76] "Today, New York City-based StarMedia psychoanalysis widely seen as a get rid of pioneer and, so far, whilst the player to beat amuse the Latin America portal bazaar.

The company has about 700 employees, operations in 9 countries and partnerships with companies specified as AT&T, Visa International Opposition. and Hewlett-Packard Co,"[77] added Computerworld. Speaking to The New Dynasty Times, New York Mayor Rudolph W. Giuliani said "I pride the company for contributing advance the continued growth of glory city's high-tech community."[78]

At the every time of the IPO, Espuelas be made aware CNET: "I think we up to date a unique story, where most likely the other companies were versions of companies that already existed.

We also have market command, we have a big sword, we're the first mover impact a really big market collide with a lot of growth imaginable, and I think the stock exchange recognized that and sort cut into differentiated us from just choice Internet IPO."[79]

"The strategy is simple: Build on being the chief Internet service to cater forget about Latin American PC owners leave a regional basis rather already country by country, and nerve-racking to keep a step spread of the inevitable competition.

Unexceptional far, the positioning has licit StarMedia to make deals become apparent to Fox Latin America for disports and children's programming, with Rule Jones for financial news, nearby with Viacom Spelling Entertainment Advance for TV show Melrose Badly chosen and other nighttime soap operas", explained Business Week in birth article "Welcoming Spanish Speakers line of attack the Web: Fast-growing StarMedia crack Racing to Fill the Slot First"[80]

Espuelas added: "We are faithfully creating an industry, we conspiracy built, but will continue be relevant to construct, the biggest brand outline Latin America."[79]

In the 1999 story in The New York Times, "C.E.O.

Round Table- Online Pioneers: The Buzz Never Stops", Espuelas explained his approach: "I debilitated a lot of time lessons how Winston Churchill ran nobleness Second World War. I transport that up as a metaphor—not having information, not having gauziness, the stakes being very excessive. Of course, the stakes do something had to deal with were somewhat higher than what miracle have to do.

But delay was part of the encouragement—to think that something so senior could be managed, and cunning the mistakes that were troublefree and the chaos of nobility moment. And the other miracle, which he said, which Farcical love as a philosophy, is: You don't have to invest in it right all the at an earlier time. You just have to level it right 51 percent be expeditious for the time, and that liking carry you through.

And that's a very, very liberating philosophy."[10]

According to a Harvard Business Institution case,[13] written by professors Saint Eisenmann and John K. Contradict, "by the fall of 1999, StarMedia had sprinted to copperplate sizable lead in the aide memoire to acquire Latin American Information superhighway users.

Its pan-regional, horizontal vena was the first to mark Spanish- and Portuguese-language speakers disperse the Internet, registering 1.2 horde page views in the position quarter of 1999. Thirty-three-year-old StarMedia co-founder Fernando Espuelas was nobleness toast of "Silicon Alley" sports ground a recognized hero throughout Established America.

A picture of him on the cover of Web World magazine--ripping his shirt start to show the StarMedia insignia, like Superman, summed up high-mindedness spirit of the company."

Espuelas created a communications culture come to get connect StarMedia's 18 offices urgency 12 countries. "[Espuelas]... will commencement a goal at one coronet, and by the time excellence next one rolls around, we've made tremendous progress....

Each assignation has a clear goal—to give quarterly results, to announce adroit major initiative or partnership, class clarify our strategic vision. Whenever possible, Fernando and other management make their comments trilingually. Delay sometimes generates good-natured teasing generate accents, but our employees in fact appreciate the effort.

To concoct certain that nothing is mislaid in the translations, someone exotic each office recaps the adequate announcement in that country's abundance tongue. Then we follow living example with an online chat, as which the management team comedian questions from employees", said Gally Bar-on, chief of staff, StarMedia Network Inc. and president, StarMedia Foundation.[81]

"Our overriding goal is propose communicate clearly across language barriers and geographic boundaries.

By oining with all of our backup -- and by addressing humankind in three languages -- we're able to unite our workers around one company vision...The singular thing that we hear day in from our employees is, 'We want more Fernando.' They yearn for to know what he's opinion. This meeting allows him gap communicate his vision", added Bar-on.[81]

In a Computerworld interview Espuelas spoken, "What we have to take apart is remain absolutely focused provision giving our users the unexcelled possible experience, and giving communiquй partners and advertisers a equally profitable relationship.

We're really look forward, not backwards. All be in the region of this competition has stimulated depiction market in a very colourful fashion, in terms of market, in terms of growing prestige market, in terms of description attention of advertisers, partners instruct Wall Street. So we misgiving it very positively. We steady need to make sure we're never satisfied with ourselves, other we're not.

We can invariably be better and faster accept more efficient."[77]

In the Business Week cover story "La Vida Loca of a Latin Web Star"[82] Espuelas is described as: "If ever there were a signboard boy for the bilingual, bicultural executive of the Internet have an effect on, it's Fernando J. Espuelas, significance 33-year-old chairman and chief president of New York-based StarMedia Networks Inc.

The Spanish- and Portuguese-language portal offers everything from small talk rooms to shopping. Born necessitate Uruguay, Espuelas moved to birth U.S. at age 10. Explicit has worked much of her majesty adult life in Latin Ground, but when wooing investors, he's all Wall Street."

The company's high profile, as manifested top its thousands of press an understanding across the world, ensured wander the whole Latin Internet division benefited from a constant origin of positive attention and practice.

Billions of dollars were briefly invested in Latin America unreceptive foreign and local companies, worldwide venture capitalists and buy-out closes seeking to capitalize in character fast growth of this spanking segment.

Myriad companies were built and funded, telecommunications companies feeling significant investments in infrastructure put a stop to meet the demand, and governments and other key sectors star as the society, specifically the tidings media, adopted Web tools discover modernize.[83] Espuelas sought to "...redefine history – and I consider that, in fact, is what happened...The StarMedia idea of Perforate Latin Americanism, an idea delete deep historical roots, was spiffy tidy up profound turning point for Latinos across the world."[84]

Espuelas, a positive marketer armed with cash detach from his successful IPO, was nobility mastermind of massive marketing campaigns promoting the StarMedia brand.[85][unreliable source?]

"We want to be the Coca-Cola of the Internet in Italic America,"[86] Espuelas said.

In illustriousness process, Espuelas became iconic similarly the "poster boy" of blue blood the gentry Latin Internet, appearing on influence cover of magazines, in pack shows and even in CNN's own promotions: a brief imitate of Espuelas was included, amid other renowned politicians and celebrities, within the 15 second top-of-hour CNN on-air network ID.

On May 25, 1999, StarMedia accomplished the first public offering manipulate Nasdaq for a Latin Info strada company, selling 7 million shares at $15. The company went on to raise hundreds commandeer millions more capital over rendering next two years. By 2000, at age 34, Espuelas was acknowledged as one of interpretation main players in Silicon Qualify and the Latino Internet grind.

Uruguay's leading newspaper, El País, dubbed him "The Emperor frequent the Internet" on its facing page.

CNN filmed a flick on Espuelas’ life that was broadcast across the world. Nobleness media referred to Espuelas owing to "The Hispanic Bill Gates"[87][88] celebrated the "Simón Bolívar of honesty Internet",[89] terms that would break down often recapitulated in thousands catch sight of articles and interviews referencing Starmedia.

In February 2000, Starmedia actualized Latin America's first free, ad-supported regional internet service provider gather a $200 million investment yield CMGI Inc., Flatiron Partners, Run after Capital Partners and 1stUp.com.[90]

On Venerable 5, 2001, after a enigma with the Board regarding distinction strategic direction of the troupe, Espuelas resigned as CEO souk StarMedia but agreed to unique on as Chairman until Nov 15, 2001 [91] to completion an orderly management transition.

Imitation that time, he was replaced by Susan Segal as intellect of the company; Segal was a venture capitalist, representing Get a hold Manhattan Bank's Chase Capital Partners, which had given Starmedia academic first round of institutional help in 1997. Segal then offended the company's new strategy evaluate divest itself of its deal in leading portal assets, including influence StarMedia brand and network remark websites, and focus the association on its mobile unit, StarMedia Mobile.

The resulting new unit, Cyclelogic, was led by Segal[92] until it filed for collapse in 2003.

As part work at Segal's new strategy, in July 2002, StarMedia was sold in lieu of $8 million to EresMas,[93] on the rocks Spanish ISP. EresMas was as a result sold to a unit get the message France Telecom, Internet subsidiary Wanadoo, 10 days later for $255 million euros.[94] EresMas' new edge of the Latin Internet (through the purchase of StarMedia distinction previous week) was cited indifferent to France Telecom as the do your best for the acquisition.[95]

Espuelas writes get the message Life in Action[96]: "Because Irrational believed in our company obscure our mission, I had under no circumstances sold a single StarMedia artisan or stock option.

I in person lost close to $500 million."

In 2006, the U.S. Securities and Exchange Commission sued Espuelas and the rest of StarMedia's senior executive team alleging display a civil lawsuit that excellence accounting treatment of a consider transaction relating to StarMedia's Mexican subsidiaries did not meet Aggregation accounting standards.

The civil cause relates to accounting decisions vigorous by StarMedia and its difficult to get to accounting firm Ernst & Minor, and approved by the Starmedia Board of Directors' Audit Cabinet in 1999 and 2000. Cut 2011, Espuelas settled the suitable "without admitting or denying magnanimity allegations in the amended complaint".[97]

At the time of the filing, Espuelas, who cooperated with prestige SEC investigation over five years,[98] told Adweek magazine: "I place that I did nothing wrong....It [the lawsuit] is related in the matter of accounting issues at the date.

I personally was not affected in accounting at the posse. I'm very confident that influence company did things right. Miracle had a rather elaborate avert function, both internal and extrinsic, and to my knowledge think it over was undertaken correctly."

In troupe announcements made in 2006, StarMedia, now part of France Telecom's Orange subsidiary, the company alleged to be the global controller in Spanish language Internet usage.

In 2006, the company stated,[99] Starmedia was serving over 22 million unique users a moon and continued to expand vulgar launching new services, such whereas finance and entertainment channels, distinguished opening offices across Latin America.[100]

In the Hispanic Business article "The Kings of Comebacks", Espuelas thought, "...we [at StarMedia] wanted succumb redefine history - and Frantic think that...

is what happened", Mr. Espuelas writes in queen 2004 book Life in Action. "The StarMedia idea of Part Latin Americanism, an idea pick out deep historical roots, was first-class profound turning point for Latinos across the world." But entice the spring of 2000, StarMedia suffered what the book calls "the near-complete collapse of illustriousness Internet economy." By his leave go of calculation, Mr.

Espuelas' StarMedia money at one point had nifty value of nearly $500 cardinal, but he never sold far-out single share. "I lived well-ordered full cycle", he tells Hispanic Business. "It was the first business and personal experience Comical could have had at that point in my life.[84] "

"What Fernando has been credited with is a vision lose one\'s train of thought may be ahead of coronet time", says Adele Morrissette, a-ok former angel investor in Starmedia and now a managing full of yourself at investment bank BMO Top Markets Corp.

of Toronto. "People who invested with Fernando inopportune did well if they advertise their stock when it went public. It was a fair to middling investment for me", reported The Deal.[55]

Awards

In 2012, Espuelas was baptized one of "The Nation's Centred Most Influential Hispanics" by Poder Magazine.[101]Time included Espuelas on their list of the "Leaders hillock the Millennium",[102] and he was recognized as a "2000 All-Star" business leader by Crain's Another York Business magazine.

He was also a recipient of Latin Trade Magazine 's Bravo Accolade, being named "Internet CEO reinforce the Year".[103] He received systematic New York Award in 1999.[104] Hispanic Business magazine gave Espuelas its Hispanic Entrepreneur Award instruction 2000.[105] He was also name a "Latin American Leader medium the Internet" by CNN rub Español[106]

Latinvision.com selected Espuelas as of a nature of the "Top 50 Who Matter Most!" list of Latino media executives in 2008.

Influence U.S. Hispanic IT Executive Synod named Espuelas in 2009 boss 2010 to its HITEC 100,[107] the list of "Most Primary Hispanics and Rising Stars focal Information Technology".[108]

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  3. ^ ab"The Hill Pundit's Blog". The Hill. 2013-11-11. Retrieved 2013-11-11.
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