Rebirth in a Perfect Era Chapter 1340: Intimidation and temptation
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In a short time, Robin asked himself countless times in his heart.
Why do you, as a talented student in the United States, a technology pioneer in the computer field, and a down-to-earth elite, in front of a young man in his early twenties like Li Mu, be hit or even stick to his original Level?
Obviously, he has a strength of 80 points. Even if he has Li Mu's strength of 800%, he should at least stick to the strength of 80 points. Why should he meet his strength, his 80 points strength must be Does he affect the big discount?
This feeling is too depressing, just like playing a game. The opponent not only has much stronger attack and defense power than himself, but the key is that he also comes with a buff that reduces the damage and defense of the enemy. What should I do? Robin is also desperate!
Li Mu actually summed up the truth long ago. Negotiations must be based on the attitude of crushing to destroy the psychological defense of the other party. Even if the ability is not enough, it must be crushed on the momentum.
In fact, Robin can be very eloquent to say: "What tricks do you have, and then I will say goodbye to us."
But he dare not, because he has been completely crushed by the momentum of Li Mu's, he believes the threat of Li Mu's, and subjectively believes that Li Mu will do so at the same time, at the same time, he is not confident in himself, if Li Mu smash money Digging people from Baidu and Google, and using their own resources as search engines, I am afraid that Baidu will soon be impacted. If Li Mu really cooperates with Google, Google should not ignore this world-class internet big coffee, if Google cooperates with Li Mu, 80% of Baidu is still unavoidable ...
Unconsciously, Robin has not thought about how he should resist. He is just thinking about a question in his mind: "Li Mu is going to vote, and if he pays the vote, he will be on his ship. It ’s not a bad thing, everyone wants to be able to lean against the big tree for a cool ride, but the key is the price of the ticket against the big tree! "
15% of Baidu shares?
To be honest, it's really high.
Easy Music technology really does not have that great development prospects, especially after Li Mu has long stripped Tieba (Post It) out.
The valuation of Baidu is not too high to achieve 100 million 20 million USD. The future is very predictable, but if it is diluted by 15% at this time, it has a right to speak to yourself and the future of the team. As for capital operation, the situation is too embarrassing.
Jimmy is also very worried. What he is worried about is, if Baidu agreed to the Li Mu's request, then how to give these 15% shares?
Normally, if shareholders want to transfer 15% of the shares, then all shareholders must transfer in proportion. Defengjie now accounts for nearly 23%. If they want to transfer 15%, they must sell nearly 3.5% of the shares. Now, DFJ does not want to dilute its shareholding ratio.
He wanted to talk, but when he thought of the Li Mu's poison tongue, he flinched again.
At this time, Robin said: "Chief Li, what you said, we need to discuss it again."
Li Mu said: "Yes, we can go out at any time and leave the meeting room for your discussion."
Robin nodded: "Okay, then please give us an hour, we will discuss it carefully."
Li Mu said: "I still have a condition that you can discuss it with you."
Robinhastily asked: "What conditions?"
Li Mu said: "In addition to replacing 15% of Baidu shares with Easy Music technology, I personally want to invest in Baidu10% in cash, the price can be as you said, 120 million USD, cash transfer 10% of the shares to me, also can You original shareholders first cash out. "
Speaking of which, Li Mu looks atRobin, said with a smile: "Robin, you haven't had a chance to cash out now, right now?"
Robin has n’t recovered from the large opening of Li Mu10% of the lion. After listening to Li Mu's question, he nodded subconsciously: "Not yet."
How easy is cashing out?
Capital like Defengjie is behind them, they will supervise every penny they give Baidu, although will not stare at every pen, but they also require that all money must be used for Baidu ’s own operations, How can you put it in your belt bag? Don't look at the Baidu valuation of more than 100 million USD, but I still can only get monthly salary! Really get paid! The shares are there, and the capital does not allow itself to cash out!
In fact, this is not a blame for capital. Capital invests in a team and a project. If the valuation is 10 million, they are given 1 million and 10% of the shares. This 1 million must be used by them to run the company. , Instead of giving them their own, otherwise they get a million yuan turnaround points, the company still has no money to run on the account, after a few days the company becomes yellow, the capital will not become a pan man?
Therefore, almost all capitals will make clear requirements for their investment targets and prohibit cash out, unless the capital is invested in this project, the project has been financed for many rounds, has a good foundation and development space. Investors have the right to speak, and they will only ask the capital how much to finance and cash out.
Like Li Mu, when the C round was merged, he made a clear request directly with Sequoia. The 3.3 billion USD came in, and the shareholders had to cash out 10%, which is 330 million USD, which was directly taken by shareholders. Divided.
At this time, Li Mu hit the iron while hot, saying: "I invested Baidu12 million USD, it is considered to directly buy the shares in your hands, you can freely cash out, I have no opinion."
Robin was surprised by the generosity of Li Mu's, and the investment allowed 100% cash out. Li Mu really gave a very attractive offer. Everyone came out to start a business for so long, the value was there, but the money was not earned. On the road to entrepreneurship, everyone wants to get a large sum of money to treat themselves first. If 12 million USD comes in, if the cash is half, then the founding team can also divide tens of millions of RMB, which will allow the core layer to really get rid of poverty and get rich. .
However, after all, Li Mu needs 10% of the shares, which is too much.
Easy Music net came in and took 15%, Li Mu took 10%, and Baidu one quarter of the shares were gone. If you agree to the Li Mu's requirements, then all shareholders must wait to dilute 25% of their shares. Defengjie will take out about 5.75%, 60% of the founding team ’s shares will take out 15%, and the remaining minority shareholders will also take out 4.25%.
By that time, Robin ’s own shares will shrink to only a little higher than 25%, and Li Mu will become the second largest shareholder of Baidu.
With so many shares diluted, Robin inevitably suffers from physical pain, so he proposes to conduct a communication within the team first. Li Mu respects his decision and takes all the people on his side to sparsely withdraw from the meeting room.
Before leaving, Li Mu looks atRobin asked him: "Robin, how many shares of Baidu does DFJ hold?"
Robin said: "About 23%."
Li Mu nodded: "What about voting rights?"
Robin said: "The same shares have the same rights."
Voting power means the company ’s actual management power. Whoever has more voting power can actually control the company ’s decision-making and development direction. In some cases, investors have the same shares and the same rights, that is, how many shares, As many voting rights as possible, in some cases, investors will give up their voting rights and give the voting rights to the company ’s founders, and they can make money with peace of mind, so that they can win the favor of the founders.
For a startup, capital rarely gives up voting rights. Only when investing in mature companies, capital will make such concessions. For example, the Russian investment **** Yuri-Milner, when investing in Facebook, not only gives up In order to vote, I also gave up the board seats, in order to show Mark Zuckerberg, tell him that I only want to follow you to make money, all decisions that respect you, will not work against you at any time.
However, Robin at the start-up naturally did not have the destiny of Mark Zuckerberg's heyday. He was not willing to share the same rights and shares with although, but he has not yet found a suitable opportunity to withdraw his voting rights.
Li Mu smiled a little at this time and said to him: "although has the same shares and the same rights, but your team's voting rights can still be more than half, so I suggest you don't pay too much attention to De Fengjie's attitude, here In fact, they should respect your decision unconditionally. If they take follow-up funds as a threat, then I can guarantee you with a contract. As long as you accept my conditions, I will give Baidu an investment of 12 million USD In addition, within one month, I will unconditionally lend Baidu eight million USD interest-free loans. The repayment period is three years, which is not enough to extend it for five years. If it is not enough, I will lend Baidu ten million USD next year. "
Speaking of this, Li Mu added another sentence: "If you accept, I will sign a concert party agreement with you to delegate all the voting rights of the shares I hold to you, and I will not forcefully interfere with Baidu ’s Operation and development direction, give you enough respect. "
That ’s what although said, but Li Mu knows clearly that it is impossible for him to not interfere with the future development direction of Baidu, otherwise it will go astray, and he will have to bear responsibility, but even if he gets 25 shares, And they have the same rights and share the same rights, and they ca n’t have the absolute right to speak. If they really want to intervene strongly, if there is any 25%, the impact will not be great. Therefore, it is better to give up the 25% and use other means in the future. Interfere and restrict the future development direction of Baidu.
After showing muscles to Robin, Li Mu is ready to throw a clear solicitation signal to Robin. It does n’t make much sense to follow Defengjie. In fact, Defengjie ’s future has to rely on Baidu to grow and develop. So Li Mu wants to give Robin a guarantee, a guarantee that he can ignore De Fengjie. All Robin's worries are only money. As long as he promises himself, De Fengjie will only become more and more marginalized in the future, and his voting rights are not enough. And Robin has a concerted action agreement signed by the team's shareholder, that is to say, Robin still has an absolute dominant position in the right to speak.
This makes Jimmy DeFongjie feel a little uncomfortable.
If it is really neglected by Robin, then he is likely to directly agree to Li Mu's's request. At that time, Defengjie must dilute the shares.
In fact, Defengjie does not exclude diluted shares, just the Li Mu Lions big opening, it is too much! They originally wanted to reduce the share expenditure of Easy Music technology to 10%, but Li Mu not only did not relax, but also proposed an additional 10%, which made Defengjie very uncomfortable.
However, Robin is called by Li Mu's. If you have a new capital guarantee, you really do n’t have to keep looking at De Fengjie ’s face. You make money by investing, and honestly follow the money that's alright, do n’t worry about it. Gossip
Unconsciously, the relationship between Robin and De Fengjie has undergone qualitative changes under the influence of Li Mu's ...