Rival Second Life stock exchanges merge
By Adam Reuters
SECOND LIFE, Feb 12 (Reuters) - The Metaverse Stock Exchange is merging with the rival World Stock Exchange, which was launched by LukeConnell Vandeverre’s Hope Capital last month but has been beset by technical problems that have frustrated traders and investors.
The Metaverse Stock Exchange, owned by Second Life Solutions, has only one listed stock, Cyberland. Both Cyberland and Second Life Solutions are controlled by resident Shaun Altman (pictured at right, in dark suit).
The combined exchange, which will keep the World Stock Exchange brand, will be a 50-50 joint venture between Second Life Solutions and Hope Capital, the two companies said at a meeting with investors and traders on Tuesday. The MSE will close and Cyberland — Second Life’s first publicly-traded company — will relist on the World Stock Exchange. The WSE already has 500 trader accounts and seven listed companies.
Altman, who declined to disclose his real-life name, will be chief technology officer of the WSE. Vandeverre, whose real-life name is Luke Connell (seen above, in white t-shirt), will remain as chief executive officer. Each company will name four directors to the exchange’s board.
Altman promised a fix to the WSE’s persistent technology glitches.
“The first thing I’m going to do is throw the existing web application out the window,” Altman said at a meeting of WSE traders and investors. “I’m replacing it with a complete rewrite … When WSE reopens, it will be basically the same stock exchange you’re familiar with. It will be easier to use, and it will have a few minor features added. Oh.. and it won’t lose your money!”
Vandeverre said the exchange will be up and running in 10 days.
