Chapter 1458 Where did Daeron go?

   In the blink of an eye, the time has come to March. With the cooperation of many parties, Facebook has completed a number of equity transfers. At the same time, with the joint assistance of law firms, accounting firms, and investment banks, it has completed the production of the prospectus.

   On March 8, International Women’s Day, Facebook filed a low-key IPO with the SEC.

  Although Facebook’s actions were very low-key, it was caught by the media for the first time, and it started a series of reports and interpretations.

   This big news quickly attracted the attention of countless people in the Internet industry, media industry, financial industry and even the general public.

   "As an outstanding female entrepreneur in Silicon Valley, the United States and even the world, Christina chose to submit the Facebook prospectus on the unusual day of March 8, which has extraordinary meaning. This is a brilliant victory for women..."

   Google Vice President, the second most beautiful woman in Silicon Valley, and Christina's good sister Marisa Mayer answered in an interview with reporters.

As soon as this news report came out, it hit the G-spot of feminism. From Silicon Valley on the west coast to New York on the east coast, a number of feminist organizations and activists quickly stood up and cheered for Facebook's listing. Yu, also took Christina to the sky, just like a new generation of feminist representatives!

   "America's No. 1 Self-Made Billionaire, Brackets, Including Men."

   "The first US billionaire under the age of 30!"

   "The Most Beautiful American Woman!"

  …

   For a time, all kinds of honors and hats were thrown at Kristina.

  You must know that Facebook has not yet officially completed the final bell-ringing ceremony for listing, and it has already caused a sensation in the United States. The celebrity effect and shocking effect brought by wealth can be seen.

   "Christina is definitely the representative of the American Dream. When I was her age, Microsoft hadn't gone public, and it didn't have such a high valuation..."

  As one of the shareholders of Facebook, Gates is also blowing rainbow farts in interviews with the media.

   For a time, celebrities from all walks of life came to comment, pointing out the country and promoting words.

   "Reviewing the miracle of Facebook, it took eight years from its establishment to its listing..."

   "Valuation from zero to $100 billion, setting a new corporate growth record."

   "Facebook knocked down its first code in August 2002 and went online at the end of the same month, welcoming its first user from Stanford University…

   In the blink of an eye, eight years have passed, and Facebook’s social services have swept more than 100 countries on five continents, and welcomed the world’s 1 billionth registered user a week ago, making it the world’s No. 1 social platform. "

  …

   The one-sided chant was also mixed with some dissonant voices, mainly questioning Facebook’s valuation.

   These seemingly reasonable arguments have attracted a lot of traffic.

   For example, an article titled "Why is Facebook valued at hundreds of billions of dollars" has swiped the entire Internet world.

   "Through the prospectus, we can clearly see Facebook's financial reports for the past three years.

   In 2007, Facebook's revenue was US$777 million and net profit was US$229 million;

   In 2008, Facebook’s revenue was US$1.974 billion and its net profit was US$606 million;

   In 2009, Facebook’s revenue was $3.711 billion and its net profit was $825 million.

   Facebook's revenue growth rate looks good, but the net profit growth rate is declining year by year, and the typical increase in revenue does not increase profit.

   If calculated according to the price-earnings ratio, Facebook's $100 billion valuation corresponds to a price-earnings ratio of more than 120 times.

   Such a high valuation, but there is a serious lack of corresponding performance to match.

  Some people may think that I am wrong. Facebook is an innovative Internet company and should be given tolerance and preferential treatment.

   Then we can compare Google, which went public six years ago.

  Google's 2004 annualized revenue was $2.7 billion, net profit was $268 million, and a price-earnings ratio of 80.

  Comparing the two, the author believes that the estimated market value of Facebook is between 60 billion and 70 billion US dollars. It is relatively reasonable, and one-third of the valuation bubble needs to be squeezed out. "

  This article did not circulate on the Internet for too long, and Mary Meeker, the famous Internet queen and former Morgan Stanley chief analyst, stood up and slapped her face.

  “… Although the data listed is detailed, it makes an extremely low-level mistake, which is to ignore the drag on the parent company’s net profit by the two subsidiaries of Twitter and Spotify.

If the revenue and net profit of the two subsidiaries are not included, the growth rate of Facebook's revenue and net profit for three consecutive years is astonishingly high, far less serious than the "year-by-year decline", and even the fundamentals are better than the original Google .

   Facebook alone can contribute $1 billion in net profit to the parent company every year, starting with a valuation of $100 billion.

   On the contrary, I feel that the scale of Facebook’s planned IPO is a little conservative, and it does not reflect the true value of Twitter’s harmony.

  If Facebook really starts an IPO according to this market value, when the stock is officially listed for trading, I will definitely buy 10,000 shares as a pension in the future.

  Because in my opinion, Facebook's potential is no worse than Google's! "

  Mary Meeker's remarks, many voices against Facebook immediately died down.

This aunt is very senior in the industry. She once promoted the listing of the hard-core Internet company Netscape, pioneered a new career in Wall Street - Internet analyst, and led the Century Transaction of AOL's $164 billion acquisition of Time Warner, and even Morgan Stanley. Li also completed the underwriting of Google's IPO through needle and thread. She has a high prestige in the industry and is friendly with many Internet entrepreneurs and financial entrepreneurs.

Mary Meeker has a very good relationship with Facebook, Kristina and Xia Jingxing. As early as a few years ago, this aunt has repeatedly praised Facebook in public, predicting that this is a new Internet giant .

   Xia Jingxing and Kristina naturally reciprocated, and when they issued call options internally, they gave Mary Meeker a modest subscription right.

   Just when people were talking about it on the Internet, someone suddenly discovered Huadian.

  Where did Daeron go? Why is it not in the shareholder list? Cash out of the company?

   This incident quickly overshadowed other topics and became one of the hot topics on the Internet.

  …

  …

   "What's wrong? That guy really cashed out? Impossible, right?"

   Jobs held a stack of just-printed Facebook prospectuses and looked over and over again, but never found Xia Jingxing's name.

"Let me see."

  Larry Ellison reached out and took the document from Jobs, and read it carefully, and soon found the page on shareholder information disclosure.

   "Christina, the largest shareholder of the company, holds 22.58% of the shares."

   "Vision Capital, the second largest shareholder and the largest institutional shareholder, holds 19.77% of the shares."

   "Axel, the third largest shareholder, holds 5.83% of the shares."

   "The Rockefeller Family Office and the Enoch Trust Fund are tied for the fourth largest shareholder, each holding 5% of the shares."

   "Yang Zhiyuan, the fifth largest shareholder, holds 4.11% of the shares."

   "Little Dog, the sixth largest shareholder, holds 4.04% of the shares."

   "Andrew and President John are tied for the seventh largest shareholder, each holding 3.75% of the shares."

   "Gao Ling Capital, the eighth largest shareholder, holds 3.29% of the shares."

   "Microsoft, the ninth largest shareholder, holds 2.08%."

   "Goldman Sachs, Morgan Stanley, tied for the tenth largest shareholder, holding 1.78%."

   "DST Digital Sky Technology ranks the eleventh largest shareholder, holding 1.66% of the shares."

   "David Filo, the twelfth largest shareholder, holds 1.05%."

   "Snow Lake Capital, Tiger Asia, and Global Investment are tied for the 13th largest shareholder, holding 1% of the shares."

   "SoftBank, the 14th largest shareholder, holds 0.95% of the shares."

  …

The option pool and employee shareholding platform together hold 9.85% of the shares, individual investors Jim Breyer and Peter Thiel each hold 0.3%, LinkedIn founder Reid Hoffman holds 0.15%, and Zynga Xingjia is the founder Mark Pincus holds a 0.08% stake.

  Larry Ellison read it word by word several times, without missing every detail, but he never found Xia Jingxing's name and muttered to himself, "Where are you going?"

   "Where else can he go? His shares must be hidden in Vision Capital's holdings."

   It was Cohen who had just returned from Europe, and then rushed to San Francisco non-stop to discuss with several allies how to deal with Xia Jingxing.

   "Why do you think his shares are hidden in Vision Capital? The reason?"

   Cook looked at Cohen calmly. The latter was a financial advisor they had hired from Wall Street to aid Canada. Behind him was the giant Jewish Capital Group, who also had a lot of grudges with Xia Jingxing.

   "You can find out after a little inquiries. Many political and business families on the east coast hold fund shares of Vision Capital and indirectly hold shares in Facebook."

   Cook's eyelids jumped, "A lot?"

   Cohen replied indifferently: "Anyway, as far as I know, there are quite a few.

   In short, I don't quite believe that Daeron Xia will really sell all the fund shares, and he should still have some in his hands.

   In addition, the new Facebook shareholders such as the Rockefeller Family, Enoch Fund, and Gao Ling Capital, I guess, are inextricably linked with Darren Xia. "

   "It seems that his illegitimate son is called Enoch?"

   Larry Ellison showed a sneer at the corner of his mouth, "It's really generous, his illegitimate son holds more shares than the puppy that started the business with him."

   Cohen smiled, "It's normal, the Chinese always attach more importance to family relationships."

   Cook hesitated for a moment, then asked: "Then are we still going to take action? Daeron Xia no longer holds direct equity in Facebook.

   If we want to hit him hard by sniping the Facebook listing, I am afraid it will be difficult to achieve the expected effect. "

   Hearing this, everyone fell silent. Daerunxia's hand caught them off guard.

  Because Facebook's shareholding structure has become complicated, I am afraid that only he knows how much equity Darrenxia holds in Facebook.

   "No matter how much, we must act quickly."

   Jobs glanced at everyone and said viciously: "We've been waiting for a year, long enough, and this is the moment we've been waiting for.

   In the past, Darren Xia caused all of us present to suffer too much, and this account must be settled with him! "

   Cook looked at his old friend who was blinded by hatred, thought about it, and decided to discourage him.

   "Steven, Daeron Xia made this move and made many of the tricks we prepared to fail.

   On the surface, he has little to do with Facebook other than the fact that it was founded by him.

   Big hats such as information security and taking advantage of Americans cannot be deducted from his head. "

   Jobs said with a look of resentment: "Then shake out the illegitimate child, and let the people of the United States and the world see what kind of person he is!"

   As soon as these words came out, everyone stopped talking for a moment.

   When others say this, they can still stand on the moral high ground. You, Steve Jobs, seem a little unqualified to say this.

   Cohen sneered, then struck a match, lit a cigar, and inhaled beautifully.

  Everyone turned their attention to him when they saw his manners.

   Cohen first blew out a big smoke ring, and then said calmly: "Steven, you are too anxious, do you think this illegitimate child can defeat Daerrenxia?

   This is a matter of personal morality, and it will cost Daerunxia's life! "

  Larry Ellison had a different opinion on this and retorted: "You are wrong, personal moral issues really can't take Daren Xia, but that child was born by Christina."

   Seeing the help of his friend, Jobs answered: "Yes, Darren Xia is just fooling around with other women, the key heroine is none other than the Queen of Silicon Valley, the pride of America today, Miss Christina.

  You said, what would be the consequences if the two founders of Facebook, the largest individual shareholder and the largest institutional shareholder, were involved in this scandal? "

   Cohen shook his head and said, "The listing of Facebook may be affected to a certain extent, but it will definitely be listed normally. You have to believe that there are several powerful forces behind Facebook.

   Under the rolling trend, any obstruction is doomed to be futile. "

   Jobs sneered: "Then you mean the plan is canceled, and that's it?"

   "Absolutely cannot be cancelled!"

  Larry Ellison suddenly changed color and said: "Do you know how much effort I have made to deal with Daerrenxia?

   It is absolutely impossible to just forget about it, and Daeron Xia must pay some price. "

   Cohen bit his cigar and glanced at the two of them. He felt that in the face of hatred, these two reckless men had lost their most basic rationality.

  If Daerrenxia was really that easy to deal with, he wouldn't be beaten.

   As soon as he made a move last time, he immediately ushered in a fierce counterattack from Daerunxia, ​​and almost took him in.

   This time, just by looking at the shareholding structure of Facebook, we know that Daerunxia is on guard, and it is so easy to be attacked.

   "If you take action now, you will only expose yourself and lose a precious sneak attack opportunity.

  Because there are too many forces behind Facebook, any act of obstructing the listing of Facebook is self-disgrace. "

   Jobs looked at Cohen and said coldly, "We're only targeting Darren Xia and Kristina."

   "It's okay to target Darren Xia. If you target Kristina, you target Facebook. Too many people are protecting her now.

   As far as I know, Ao Guanhai and more than half of the senators have indirect stakes in Facebook. "

   Jobs was silent for a moment. Is America really a free world?

   Bullshit freedom of speech, try moving the cheese of the powerful?

  Larry Ellison is also very politically sensitive due to his closeness to the military.

At this time, the two of them were reminded by Cohen, and they calmed down a lot in an instant, but because Xia Jingxing offended them too deeply, the bad breath stuck in their chests was really hard to swallow, and the obsession with revenge was biting them all the time. 's heart.

"Ugh!"

   With a sigh, Larry Ellison slammed his fist on the table, he felt that Xia Jingxing was like a hedgehog now, and he couldn't find a place to attack if he wanted to deal with the opponent.

   Jobs was also a little less interested, seeing that Xia Jingxing finally showed his soft abdomen, but the other party immediately put on another layer of armor, and there was nowhere to start!

   Compared with the two, Cook's idea of ​​revenge is not so strong.

   If Darren Xia hadn't brought down Jobs, he wouldn't have come to power. It's not an exaggeration to say that he was a great benefactor.

   Of course, if he can influence the development of Fuxing Industry by cracking down on Facebook and Xia Jingxing, he is also happy to see it.

  Cohn saw that Jobs and Larry Ellison were both in a low mood, so he began to sell his plan.

   "This time Daelunxia is obviously prepared, so let's avoid its edge first and endure it for a while.

   Facebook's shareholders are complex, and they are not one-sided at all.

  Look at it, as soon as the listing lock-up period expires, all shareholders will run away immediately.

  Without that group of people protecting Facebook, we wouldn’t have to be intimidated.

  Don't look at Facebook's performance is not bad now, that's because Twitter, Shengpotian and these oil bottles haven't started to seriously hold back.

   I have analyzed that once Facebook’s performance changes, user growth slows down, and shareholders sell off a lot, then the end of Facebook will come, and our opportunity will come. "

   Cohen's plan has a certain selfishness. He is a financial man, so he naturally wants to take revenge in the field he is best at, and by the way, make some money to fill the gap of the previous year.

   sniping on Facebook's listing, apart from exporting malice, could hardly bring him the slightest practical benefit.

   Besides, Darren Xia was in his prime now, and he didn't want to run into each other head-on for the time being. Just wait, an opportunity would come.

   But he miscalculated one thing, he could wait, but Jobs couldn't!

   "No, we still have to take action and make as much trouble as we can for Daerren Xia."

   Having said that, Jobs turned his attention to his good friend Larry Ellison. He made this gesture, who was stronger in his life, and undoubtedly overcame many psychological difficulties.

   Adding a little block to Xia Jingxing was the greatest joy in the last period of his life, no one.

Change the bug. The shareholding of Vision Capital should be 19.77%. The previous article was written as 17.77%. I forgot to acquire 2% of the old shares in the hands of employees. The shareholding ratio of other people and institutions is correct. , and finally add up to 100.1%. The 0.1% should be caused by rounding, so please ignore it.

  

  

   (end of this chapter)