Barry Diller's shrinking startup factory

IAC, after it spins off all its boring businesses like HSN and LendingTree, will be left with a motley collection of questionably successful startups with so-cute-you-could-pinch-them names like Vimeo and Zwinky. In an interview with the New York Observer, Diller saves special favor for Very Short List, a daily email newsletter which sells one thing a day, with just two employees. Think of it as a, but for aging billionaires. He claims to have bought 30 items off the list. "Without Very Short List, I would be much diminished," Diller tells the Observer. But as the newspaper points out, IAC's market cap has shrunk from $22 billion in 2003, before it spun off Expedia, to $8 billion today. A bit too late for an email to stop his diminution, I think.