My rebirth is different

Chapter 481 Are You Crazy?
Speaking of Yahoo, it is necessary to introduce this company, because its development basically represents the development of the Internet around the world.

Of course, it is limited to the early stage of Internet development...

In the summer of 1995, Yahoo, founded by two graduates of Stanford University, Jerry Yang and David Filo, was officially launched.

At the very beginning, the Yahoo website was relatively simple. It was just a hierarchical directory that simply classified the sites on the entire network, making the website resources orderly and convenient for users to query and use.

It's such a small idea, but it is highly sought after by Internet users.

Today's netizens may find it difficult to imagine how difficult it was to find a website on the Internet at that time.

Because there was no search engine at that time, you had to enter all the URLs of the website into the address bar of the browser, and you could not log in to the corresponding website without typing any letters or symbols wrongly.

Therefore, Yahoo solved this pain point of all netizens and became popular!
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 and becoming the world's largest Internet portal.

In 1999, when the Internet was just in its infancy, Yahoo had 1.2 million unique users, 1 million of whom had registered at least one of Yahoo's channels or featured services.At that time, no matter what you wanted to do online, after you opened your browser, the first webpage you landed on was Yahoo!

Because through Yahoo, you can go to any website conveniently, and you don’t need to record a lot of website addresses. You only need to write down the simple and easy-to-remember "YAHOO.COM"!
Taking e-mail as an example, Yahoo Mail used to have 2.43 million users worldwide, and the first email of many Chinese netizens was the Yahoo Mail with the suffix @yahoo.com.

Just over a year after its founding, Yahoo landed on NASDAQ.The stock price rose one and a half times on the day of listing.

On January 2000, 1, Yahoo's market capitalization once reached $3 billion.

How awesome was Yahoo back then?
It is the first website in the world to provide Internet navigation services.

It created a free Internet model, that is, content is free and advertising is charged.

From 2000 to 2006, it has been ranked first in the global Internet rankings.

2006年全球互联网公司前20名中，它独霸3席，雅虎、雅虎日本和雅虎中国分别位列第1、第7和第14。

Google, Facebook in the United States, Sina, Sohu and NetEase in China, and Baidu 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.

Many Internet experts said with exaggeration: "One day the Internet will change the whole world, but if there is no Yahoo, I am afraid that even the door will not be touched."

…………

Therefore, Cai Congxin also gave his own answer to Yu Wenfei's question.

"If you only talk about domestic websites, let's go to Sina.... This is currently the leading portal website in China, but it also has hidden dangers, that is, NetEase and Sohu have been catching up behind it. In addition, I heard that Tencent is also building a portal. There will be more competitors in the future. Although the market value of Yahoo China is higher now, you also understand the policy factors.” Cai Congxin said a little hesitantly.

Knowing that the domestic Internet will inevitably be affected by policy factors shows that this is a smart person, and Yu Wenfei likes to work with smart people.

"Hehe, do you believe Mr. Cai? It only takes one year for Facebook to surpass Sina in all aspects! Moreover, you will see that the farther Sina is left behind, the bigger the gap will be. !” Yu Wenfei smiled.

If another person said that, Cai Congxin might turn his head and leave. He is very strict in what he says and does, so he doesn't like to discuss business with people who like to brag.

However, this was said by Yu Wenfei.

Yu Wenfei's achievements are enough to make anyone listen carefully to every word he utters, even if it sounds absurd!
"How can you prove it?" Cai Congxin asked cautiously.

"Facebook is raising funds recently, has Mr. Cai heard about it?" Yu Wenfei asked back.

Of course Cai Congxin has heard of it. He originally came from an investment bank and has many friends in that circle.

Years later, Facebook released the news of financing, and only contacted Softbank China and Jiaotong University Venture Capital, which caused a small shock in the VC circle.

Many of his investment bank friends are envious and jealous, and Jiaotong University Venture Capital is nothing more than that. Why can Softbank China be shortlisted.

Of course, those who know Xue Chun and his background are more relieved.

People's Facebook financing also only needs their own people, this is called fat water not flowing to outsiders!
In addition, Softbank is also a major shareholder of Ali, and Xue Chunhe strongly recommended Softbank's investment in Ali. Cai Congxin himself and Xue Chunhe have a very good personal relationship.

He nodded: "Of course, after Softbank became a shareholder of Facebook, then our Ali and Facebook are also considered brother companies, and both have the same shareholder, haha."

"Then, does Mr. Cai know the amount of financing and the shares given by Facebook this time?" Yu Wenfei asked again.

Cai Congxin didn't know about it, because it belonged to the category of commercial secrets, no matter how good his personal relationship was, it was impossible for Xue Chunhe to tell him.

He shook his head and said honestly: "I don't know, but I guess, it should be higher than the financing Ali got last time. As for the shares, I think Feizong will not sell too much, 20.00%?"

After talking for so long, he was a little thirsty, so Yu Wenfei picked up the teacup and drank it down in one gulp.

Hu Jingjing next to him quickly picked up the teapot and refilled the water for the two of them.

"Facebook's valuation, I want to be equal to Sina's current market value! Shares, only [-]%." Yu Wenfei said briefly and forcefully.

This made Cai Congxin a little unbelievable.

Facebook is good, it's on the rise, and the future looks good, he admits.

However, he cannot accept that Facebook can now be on an equal footing with Sina.

Sina’s market value of more than 30 billion US dollars does not mean that it is worth that much money. You Facebook didn’t even go public, and this is the first financing, so why such a high price?
You know, VCs conduct venture capital for the purpose of making money, not charity!
"With all due respect, Mr. Fei, I don't think the Softbank headquarters will agree to your condition. I know Mr. Sun quite well. Outsiders have seen his rich and powerful side, but his shrewd calculations are also No one can match." Cai Congxin shook his head and said.

"If you add two conditions, within three years, the number of Facebook registered users will exceed [-] million, and the annual profit will exceed [-] million US dollars!" Yu Wenfei said quickly.

Cai Congxin, who was about to pick up the teacup to drink tea, shook his hand, and the tea spilled out.

"What did you say? Five hundred million US dollars? Annual profit? Are you... are you crazy!" He, who has always been refined, was about to swear, and he couldn't believe his ears.

[-] million users is fine, and soon Facebook will break through the [-] million mark.

Besides, this thing has a lot of water.

Does repeated user registration count?
However, the annual profit cannot be faked, because after VC investment, the use of funds and the company's financial status are very strict.

It doesn't mean that after you get so much money, you can spend it as you like.

Actually not!

VC will send special personnel to watch where the money he invests is used, and every year, a third-party audit agency will be introduced to conduct a comprehensive audit of the company's finances!
There are quite a few companies that are doing very well, but they don't want to raise money, let alone go public. There are also factors in this aspect.

If you dare to sign a VAM agreement in the financing agreement and say how much profit you will make within a certain period of time, then you must be sure to do it.

Otherwise, you will definitely pay the corresponding price.

Is Yu Wenfei so confident in Facebook?
Cai Congxin began to doubt his own judgment...

…………

"Yes, if these two VAM agreements are added, and the goals are broken down by stages, the corresponding goals will be achieved every year. So does Mr. Cai think Softbank will approve my valuation of Facebook?" Yu Wenfei smiled.

"That should be fine!" Cai Congxin blurted out.

He himself was a venture capitalist before, so of course he understands the style of venture capital firms.

Although the current valuation of more than 30 billion US dollars given to Facebook is high no matter how you look at it, as long as Yu Wenfei dares to make such a promise and make a reasonable breakdown.

Then the venture capital firm will be happy to bet with him!

Taking a [-]-step back, if Facebook really fails to achieve it in three years, let alone [-] million, it will not even reach [-] million, and it will maintain the current level.

Then, triggering the corresponding penalty clauses, the venture capital company gets, for example, 50.00% or more of the shares, takes control of Facebook, and even drives Yu Wenfei out of the company.

Spend [-] million U.S. dollars to get more than half of Facebook shares, is it a loss?
Not bad at all!

Even make a little money.

Of course, there may be a worse situation, that is, Facebook will become worse and worse, just like Yitang back then, it will go bankrupt...

Now the [-] million US dollars of venture capital investment is basically in vain, and it is useless to take more shares.

But don't forget one thing, what is venture capital!

Venture capital is the abbreviation of venture capital. If there is no risk, what is it called venture capital?

The greater the risk, the higher the reward!
People who are venture capitalists are very gamblers...

Cai Congxin is sure that if SoftBank dare not accept the VAM terms Yu Wenfei gave, then big investment banks like Sequoia, Goldman Sachs, IDG, DTS and the like will flock to sign this agreement with Yu Wenfei!
Three hundred million US dollars is not a small amount, but there are still quite a few investment banks that can afford it.

But a unicorn company like Facebook may only come out in a few years.

How could an investment banker miss such an investment opportunity?

(End of this chapter)