Happy Tycoon

"What? You said you want to sell all the Yahoo stocks in the hands of the KY investment fund? BOSS, can you do this? In order to obtain Yahoo's angel round investment, we promised David Filo and Jerry Yang. There are many good conditions. Later, we continued to absorb Yahoo’s stock, but now we are suddenly selling all of it. It’s really a shame.” Henry Williams stood up excitedly. Obviously, Henry gave this order to Yang Jing. Very resistant.

It is no wonder that Henry will resist this order. It is not so easy to get Yahoo's angel round investment.

Under the guidance of Yang Jing, Henry, who had just joined the KY Investment Fund, began to form "Acate" capital. This investment institution is a fund dedicated to venture capital established by the KY Investment Fund for the Internet market and belongs to KY Investment. The fund's wholly-owned secondary subsidiary.

But like the parent company KY Investment Fund, Acate Capital, which has abundant funds, is unknown in the industry. Almost no one knows that there is such a huge crocodile hidden in the financial world. The reason for this situation is mainly because of Yang Jing's mandatory order.

At the beginning, Henry and the others didn’t understand why the boss insisted on hiding his merits and fame. Whether it’s KY investment funds or Pacific Capital and Atlantic Capital, they are all calling for trouble in the international financial community. Once their true identities are exposed, So whether it is Tiger Fund, Quantum Fund, or Goldman Sachs, Salomon Brothers, Lehman Brothers, Bear Stearns, Merrill Lynch and other big investment banks, they must maintain a forty-five degree look up to these three giants.

This is absolutely unquestionable. Whether it is KY investment funds, Atlantic Capital or Pacific Capital, they are all giant crocodiles among giants. The so-called international hot money refers to this kind of giant crocodiles hidden under the water. The existence that no large consortium is willing to provoke easily is also the existence that any investment bank or fund needs to look up to.

The same is true for Acate Capital. In fact, in terms of level, Acate Capital, Pacific Capital and Atlantic Capital are of the same level, and they are all wholly-owned secondary subsidiaries under the name of KY Investment Fund.

From the beginning of its establishment, Acate Capital was a capital dedicated to venture capital investment in the IT industry. After Acate Capital was established, Yang Jing authorized Henry to summarize all the IT industry shares controlled by the Dragon Fund to Acate Capital. Names, including Microsoft, Oracle, Cisco, Dell, IBM, AT&T, Qualcomm, Intel, Nvidia, Motorola, Nokia...

After the establishment of Acate Capital, in addition to acquiring stocks in the IT industry, it has also integrated into many well-known investment institutions, such as the well-known Sequoia Capital, of which nearly 40% of the shares are controlled by Acate Capital.

At the beginning, Acate Capital had proactively contacted Yang Zhiyuan and David Filo, but because Acate Capital had no reputation at all, Acate Capital wanted to make an angel round investment in Yahoo, and Yang Zhiyuan and David . Filo refused.

Later, at the beginning of 1995, Zhiyuan Yang and David Filo found Sequoia Capital, and wanted Sequoia Capital to make a venture capital investment in Yahoo. However, Mike Moritz, one of Sequoia Capital’s partners at the time, hesitated after hearing Yang Zhiyuan’s introduction to Yahoo, because Yahoo is so different. Yahoo and Netscape are not the same. Yahoo itself is just "Provide services on the Internet" and it's free, so where is the profit? Moritz couldn't see the profitability of Yahoo, so he naturally hesitated.

The news that Yang Zhiyuan took the initiative to seek angel round financing from Sequoia Capital was naturally known to Acate Capital at the first time, so Christopher Mendes, who is in charge of Acate Capital, is a very promising younger successor to Mike, immediately I found Moritz and proposed that Acate Capital would take over Sequoia Capital’s angel round investment in Yahoo. Of course, Sequoia Capital’s angel round investment in Yahoo was still nominally.

Acate Capital is the largest partner of Sequoia Capital, and Moritz naturally cannot refuse this request, so Sequoia Capital finally made an angel round investment for Yahoo-two million US dollars!

It was just an angel round that allowed Acate Capital to spend so much energy, but now it has to sell all the shares of Yahoo that it took so hard at the beginning, and Henry is naturally reluctant to do it.

The most important thing is that although Henry saw the bubble in the Internet market and firmly believed that the bubble would burst, what company is Yahoo? That is currently the number one Internet company in the Internet market! Especially in the past January, Yahoo’s stock price once broke through the five-hundred-dollar share mark. At that time, Yahoo’s market value was as high as 128 billion U.S. dollars!

Five years ago, Acate Capital invested US$2 million in exchange for Yahoo’s shares, which were worth more than US$25 billion in January!

Although Yahoo's stock price has fallen this month, it is still favored by all investors. It is a pity to sell Yahoo's shares at this time.

"Moreover, we now have a lot of Yahoo shares. If we really announce a reduction in Yahoo shares, it will cause market panic." Henry is still trying to persuade Yang Jing. After all, good stocks like Yahoo are really rare. NS.

Henry's words are also very reasonable. Since the rise of the Internet market, Yahoo has always been the leader of this emerging market. In terms of the limelight, those established IT companies cannot compare to this magical Yahoo. Although veteran IT companies such as Microsoft, Cisco, and Oracle have higher market capitalizations, Yahoo can squeeze them half of the Pacific Ocean in terms of market popularity.

In the beginning, Yahoo just categorized the website and site in a hierarchical directory, so that the website resources became orderly and convenient for users to query and use. Subsequently, Yahoo gradually expanded and established an ecosystem integrating search engines, e-mail addresses, instant messaging, web advertisements and website building platforms, covering all aspects of people’s lives. Yahoo has become the world's largest Internet portal.

By 1999, Yahoo had 120 million unique users, of which 100 million had registered at least one of Yahoo’s channels or featured services. This number is simply an incredible number in this modern era.

If such a leader in the Internet market rashly announces to reduce its holdings, it will definitely cause market panic.

But Yang Jing still shook his head very resolutely. He looked at Henry sincerely and said: "Henry, we are in speculation and investment business. The most taboo is to keep going! I admit that Yahoo is a good stock, we It has also earned enough benefits from it, but these benefits are only data on paper. If Yahoo’s stock cannot be cashed out, then it is not a benefit. Especially now that Yahoo’s stock price is obviously going downhill. If we don’t If Yahoo’s stock price is still at a high level to cash out, will it be necessary to wait until Yahoo’s stock price drops below the issue price before cashing out?"

"BOSS, how is this possible?" Henry certainly wouldn't believe this. You know, although Yahoo’s stock price has fallen from the highest touch to a price of 500 US dollars per share to more than 300 US dollars, it is still the same as the stock price in December last year. No matter how it falls, it will not fall below the issue price. !

Yang Jing shook his head slightly, and did not argue with Henry. Could it be that Yang Jing told Henry that even if Yahoo's current stock price is more than 300 US dollars, it will not take a year. By January of next year, Yahoo's stock price will fall below the 30 US dollar mark. On the day Yahoo went public in April 1996, the closing price had already reached 33 U.S. dollars!

The most important thing is that after Yahoo’s stock price began to fall in January this year, there is no sign of recovery. By October next year, Yahoo’s stock price will even drop to $8.7 per share! Do you really have to wait until that time to sell? But if they were to sell at that time, who would have the brain to take over!

The most important thing is, don’t look at Yahoo’s beauty right now, but the head of Yahoo’s family really doesn’t feel good about it. Although he and Yang Zhiyuan are compatriots and both have the surname Yang, Yang Jing, who is familiar with the history of Yahoo!, really does not approve of Yang Zhiyuan's leadership.

Yang Jing never denies that Yang Zhiyuan is a talent. After all, Yahoo was founded by him. Based on this, Yang Zhiyuan can be called "talent". But talent does not mean that you can become a good family leader!

Yahoo's success lies in many aspects, the most important thing is to occupy a "first" reason, so Yahoo has been able to enjoy infinite glory these years. Even in 2006, Yahoo occupied the first place among Internet companies!

Among the top 20 global Internet companies in 2006, it dominated 3 seats, with Yahoo, Yahoo Japan and Yahoo China ranked No. 1, No. 7 and No. 14 respectively. The three major portals of Google, Facebook, China's Bridegroom, Finding Fox, and Wangyi in the United States are all its followers and imitators. Yahoo's "Empire" was almost invincible, and it can even be said to be equivalent to the entire Internet. It's no wonder that some experts exaggeratedly said: "One day it will change the whole world, but if there is no Yahoo!, I am afraid I can't even touch the door."

Now, under the leadership of Yahoo, he has reached the door and is changing the world, but Yahoo, the pioneer, has lost his way.

In 1997, two students from Stanford University launched a research project called "BackRub (web crawler and wanted to sell it to Yahoo for $1 million. This was the embryonic form of Google. On the Google 1998 page, there is also an exclamation mark behind the logo, which is simply imitating Yahoo!.

But the cold-hearted Yahoo was indifferent. In 2002, Yahoo came to repentance and began to seriously consider acquiring Google, only to realize that it could not afford it. Today, Google's market value exceeds 800 billion U.S. dollars...

The same goes for Facebook!

In 2006, Yahoo offered $1 billion to acquire Facebook. Zuckerberg and Facebook investors almost agreed to the deal. At the time of Facebook’s internal and external difficulties, Yahoo took advantage of the fire and bargained to 850 million US dollars at the last minute.

The humiliated Zuckerberg tore up the agreement submitted by Yahoo in front of everyone on the board of directors. A few months later, Yahoo offered another purchase price of US$1 billion or higher, which was rejected by Facebook. Today, the market value of Facebook exceeds $500 billion...

Of course, it is not only Facebook and Google that Yahoo missed, but Microsoft also missed it.

On February 1, 2008, Microsoft offered a high price of US$45 billion, a premium of 60%, and offered an olive branch to Yahoo, hoping to break Google’s monopoly in the search and online advertising markets through the marriage of the two, but Yahoo believed that the offer Greatly underestimated the market value of Yahoo.

Three months later, Microsoft raised its offer to $50 billion, but it was still rejected by the latter. All parties have been optimistic about Microsoft's negotiation of Yahoo's purchase, but in the end it was nothing.

Having missed this opportunity to sell at a high price, Yahoo is like a discounted product on the shelf, waiting helplessly for bargaining, and looking forward to buyers.

As a result, on July 25, 2016, the US communications giant Verizon announced the acquisition of Yahoo~www.readwn.com~ for US$4.83 billion. For the former Internet giant, this ending was more like a humiliation. The price of $4.8 billion is less than a fraction of the value of $100 billion at its peak.

Although in the end Yahoo was acquired by Verizon at a price that was almost humiliating, it had nothing to do with Yang Zhiyuan, but whether you missed Google or Facebook, or missed Microsoft, it was actually Yang Zhiyuan's decision! Without those wrong decisions, who knows what Yahoo will be like? Perhaps Yahoo will surpass Apple early and become the number one in the world...

But then...

This shows that although Yang Zhiyuan is a talent or even a genius, he is definitely not a qualified leader, otherwise Yahoo, which was once the world's number one, would not fall to this point!

And now, it is the end of Yahoo's glorious peak period. If you don't take advantage of this time to sell the Yahoo stock in your hand, will it really wait until Yahoo is hopeless? That's not what the Dragon Fund should do!

PS: Bow and thank "Very Lazy Fish" 100 for the reward.