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One in a Millon.


MARCOS DE MORAES IS KEEPING HIS DAY JOB.

De Moraes, the 33-year-old son of construction and agriculture magnate Olacyr de Moraes, is one of the latest business executives to slide onto Brazil's select list of millionaires. He pocketed nearly US$325 million of the total $365 million paid for Zip.net, the Internet start-up he launched in mid-1998. But he says he'll continue working for the free e-mail service.

"I am like the father of the bride at a wedding," he explains. "I am letting my daughter go, but I am still very concerned about her well-being."

PT Multimedia, the Internet and cable TV unit of Portugal Telecom, coughed up cash and stock for Zip.net. The site, which links to online shops including Travelocity.com and hosts the websites of 500 Brazilian companies, boasts 3 million e-mail users and posts about 174 million hits a month.

De Moraes says he never planned to get rich from the site. That's not true about Unibanco. With 10 percent of Zip.net, the Brazilian bank collected a cool $36.5 million - just five months after its original investment of $16.5 million.

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Author:Estevez, Matthew
Publication:Latin Trade
Date:May 1, 2000
Words:190
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