Easy Tycoon

Chapter 911 Yahoo!
"What? You said you want to sell all the Yahoo stocks held by KY Investment Fund? Boss, is this okay? In order to get Yahoo's angel round investment, we promised David Ferro and Jerry Yang There are quite a few good conditions. Later, we continued to absorb Yahoo’s stock, but now we suddenly sell all of them, which is really a pity." Henry Williams stood up excitedly, obviously, for this order issued by Yang Jing, Henry Very resistant.

It's no wonder that Henry resisted this order. It was not so easy to get Yahoo's angel round investment.

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

But like its parent company KY Investment Fund, Acate Capital, which has abundant funds, is unknown in the industry, and almost no one knows that there is such a huge crocodile hidden in the financial world.The reason why this happened was 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 achievements and fame. Whether it was KY Investment Fund or Pacific Capital and Atlantic Capital, they were all influential in the international financial circle. Once their true identities were exposed, So whether it is Tiger Fund, Quantum Fund, or Goldman Sachs, Salomon Brothers, Lehman Brothers, Bear Stearns, Merrill Lynch and other major investment banks, they must maintain a 45-degree view of these three giants.

This is absolutely beyond doubt. Whether it is KY Investment Fund, Atlantic Capital, or Pacific Capital, they are all giant crocodiles. The so-called international hot money refers to this kind of giant crocodile hidden under the water. It is an existence that no big consortium is willing to provoke easily, and it is also an existence that any investment bank or fund needs to look up to.

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

From the beginning of its establishment, Acate Capital has been a capital dedicated to venture capital investment in the IT industry. After the establishment of Acate Capital, Yang Jing authorized Henry to put all the shares in the IT industry under the name of the Dragon Fund into Acate Capital. Names, including Microsoft, Oracle, Cisco, Dell, IBM, AT&T, Qualcomm, Intel, Nvidia, Motorola, Nokia
After the establishment of Acatel Capital, in addition to acquiring stocks in the IT industry, it also integrated into many famous investment institutions, such as the famous Sequoia Capital, of which nearly 40% of the shares are controlled by Acatel Capital.

At the very beginning, Acatel Capital had contacted Jerry Yang and David Filo, but because Acatel Capital was not well-known at all, Acatel Capital wanted to make an angel round investment in Yahoo, and was rejected by Jerry Yang and David Ferro. . Ferro refused.

Subsequently, at the beginning of 1995, Jerry Yang and David Filo found Sequoia Capital, wanting Sequoia Capital to invest in Yahoo.However, Mike Moritz, one of the partners of Sequoia Capital at the time, hesitated after hearing Yang Zhiyuan’s introduction to Yahoo, because Yahoo was so different, Yahoo and Netscape were different, and Yahoo itself was just "Provide services on the Internet", and it is free, so where is the profit point?Moritz couldn't see Yahoo's profit point, so he would naturally hesitate.

The news that Jerry Yang took the initiative to seek Sequoia Capital for angel round financing was naturally known to Acatel Capital immediately, so Christopher Mendes, who is in charge of Acatel Capital, is a successor of the younger generation that Old Mike is very optimistic about. So I found Moritz and proposed that Acatel Capital should replace Sequoia Capital to make an angel round investment in Yahoo. Of course, in name, Sequoia Capital would make an angel round investment in Yahoo.

Acatel 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 - 200 million US dollars!

It was only an angel round that made Acatel Capital spend so much effort, but now they want to sell all the Yahoo shares that they have worked so hard to get, Henry is naturally reluctant to do it.

The most important thing is that although Henry has seen the bubble in the Internet market, he also firmly believes that this bubble will burst, but what kind of 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 1280-dollar mark. At that time, Yahoo's market value was as high as [-] billion US dollars!
Five years ago, Acatel Capital invested 200 million US dollars in exchange for Yahoo shares, which was worth more than 250 billion US dollars 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.

"Besides, we now hold a lot of Yahoo shares. If we really announce the reduction of Yahoo shares, it will cause panic in the market." Henry is still trying to persuade Yang Jing, after all, such a good blue-chip stock like Yahoo is really too rare up.

What Henry said is also very reasonable. Ever since the rise of the Internet market, Yahoo has always been the leader in this emerging market. In terms of limelight, none of the established IT companies can compare to this magical Yahoo.Although the market capitalization of established IT companies such as Microsoft, Cisco, and Oracle is higher, in terms of market popularity, Yahoo can leave them as far as half the Pacific Ocean.

Initially, Yahoo simply classified websites into hierarchical directories, making website resources orderly and convenient for users to query and use.Subsequently, Yahoo gradually expanded and established an ecosystem integrating search engines, e-mail, instant messaging, web advertising and website building platforms, covering all aspects of people's lives, and Yahoo became the largest Internet portal in the world.

By 1999, Yahoo had 1.2 million unique users, 1 million of whom had signed up for at least one of Yahoo's channels or features.This number is simply an incredible number in this modern age.

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

But Yang Jing shook his head very resolutely. He looked at Henry sincerely and said, "Henry, we are in speculation and investment business, and the most taboo thing is to be decisive! 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, it is not a benefit. Especially now that Yahoo’s stock price is obviously going downhill, if we don’t If you want to cash out while Yahoo’s stock price is still at a high level, should you wait until Yahoo’s stock price falls below the issue price before cashing out?”

"Boss, how is this possible?" Henry would definitely not believe such words.You know, although the stock price of Yahoo has fallen from the highest 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 much it falls, it is impossible to fall below the issue price!

Yang Jing shook his head slightly, and didn't argue with Henry about it.Could it be that Yang Jing told Henry that Yahoo's stock price will fall below the 1996-dollar mark in January of next year, even though Yahoo's current stock price is above 4 US dollars.On the day Yahoo went public in April 33, the closing price had already reached $[-]!

The most important thing is that Yahoo's stock price has fallen since January this year, and there has been no sign of recovery. By October next year, Yahoo's stock price will even drop to $8.7 per share!Is it really necessary to wait until then to sell?But if it's sold again at that time, who would have the brains to take over!
The most important thing is that although Yahoo is very popular now, the people in charge of Yahoo are really not good.Although he and Yang Zhiyuan are compatriots and both have the surname Yang, Yang Jing, who is familiar with Yahoo's development history, really does not approve of Yang Zhiyuan's leadership level.

Yang Jing never denied that Jerry Yang was a talent. After all, Yahoo was founded by him alone. Based on this alone, Jerry Yang deserved the title of "talent".But talent does not mean that you can be a good head of the family!

Yahoo's success lies in many aspects, the most important reason is that it occupies a "No. 2006", so Yahoo has been able to flourish in recent years.Even in 1, Yahoo occupied the No.[-] position of Internet companies!
Among the top 2006 Internet companies in the world in 20, it dominated 3 seats, and Yahoo, Yahoo Japan and Yahoo China ranked No. 1, No. 7 and No. 14 respectively.Google, Facebook in the United States, Huaxia's groom, Find Fox, and Wangyi are all its followers and imitators.The Yahoo "empire" was almost invincible, and it can even be said that it was equivalent to the entire Internet.No wonder some experts said exaggeratedly: "One day the Internet will change the whole world, but if there is no Yahoo!, the Internet may not even be able to touch it."

Today, under the leadership of Yahoo, the Internet has touched the door and is changing the world, but Yahoo, the pioneer, has lost its way.

In 1997, two students at Stanford University engaged in a research project called "BackRub (web crawler)" and wanted to sell it to Yahoo for $100 million. This was the prototype of Google.On Google's 1998 page, there is also an exclamation point behind the logo, which is simply imitating Yahoo!.

But the cold Yahoo was indifferent. In 2002, Yahoo repented and began to seriously consider buying Google, only to find that it could no longer afford it.Today, Google is worth more than $8000 billion
And the same goes for Facebook!

In 2006, Yahoo offered $10 billion to buy Facebook.Zuckerberg and Facebook investors all but agreed to the deal.At that time, when Facebook was facing internal and external difficulties, Yahoo took advantage of the fire and robbed it, bargaining at the last minute to 8.5 million US dollars.

Feeling humiliated, Zuckerberg tore up the agreement submitted by Yahoo in front of everyone on the board of directors.A few months later, Yahoo proposed another acquisition price of US$10 billion or more, which was rejected by Facebook.Today, Facebook is worth over $5000 billion.
Of course, Yahoo missed not only Facebook and Google, but also Microsoft.

On February 2008, 2, Microsoft offered a high price of 1 billion U.S. dollars, with a premium of 450%, throwing 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 thought the offer Greatly underestimated Yahoo's market capitalization.

Three months later, Microsoft raised the offer to $500 billion, but was still rejected by the latter.All parties have been optimistic about Microsoft's negotiation to buy Yahoo, but in the end it was nothing.

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

As a result, on July 2016, 7, American communications giant Verizon announced the acquisition of Yahoo for $25 billion.

For the former Internet giant, this ending is more like a humiliation. The $48 billion sale price is less than a fraction of the [-] billion valuation 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 Jerry Yang, but whether he missed Google, Facebook, or Microsoft, it was actually Jerry Yang's decision!Who knows what Yahoo would have been without those bad decisions?Perhaps, Yahoo will soon surpass Apple and become the number one in the world.
And then brood.
It can be seen that although Jerry Yang is a talent or even a genius, he is definitely not a qualified leader, otherwise Yahoo, which was once the number one in the world, would not have fallen 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 your Yahoo stock, can you really wait until Yahoo is hopeless?That's not what the Dragon Fund should do!
PS: Bow and thank "Very Lazy Fish" for the 100 tip.

(End of this chapter)