My Age of Investment

Listening to Xia Jingxing's congratulatory tone on the other end of the phone, Yang Zhiyuan felt bitter in his heart and could only smile bitterly: "Darren, what are you congratulating for! There is nothing to congratulate, I have been reduced to selling the company!

As long as you are comfortable, the business of every company is booming.

Facebook is already fully profitable, its status as the king of social networking is unbreakable, and it is only one step away from going public. You have been resisting going public because you want to hold back a record-breaking large-scale IPO!

There is also the Fuxing mobile phone, which is exported to Europe, the United States, Japan and South Korea, and does not fall behind in competition with Smart Fruit. In just a few years, it has become a banner of Chinese technology. "

Xia Jingxing was very happy to hear this. Seeing that Xiao Yang was so good at talking, he couldn't even blame him for causing him to lose two to three billion US dollars in one day.

Lighting a match and lighting the cigar evenly, Xia Jingxing took a puff and exhaled a large puff of smoke: "You didn't call me to compliment me, right?"

The two of them are so familiar with each other, and their friendship went to a higher level last time because of the Wisdom Fruit incident.

Jerry Yang simply kept quiet and made it clear: "I'm just complimenting you in passing. I'm calling you today just for one thing. I want to ask you what you think about Microsoft's acquisition of Yahoo?"

"ask me?"

Xia Jingxing smiled and said, "What does it have to do with me? This is a matter between you and Microsoft. You two companies can just discuss it. Why should I, an outsider, interfere?"

"How are you an outsider? Are you sure Microsoft's acquisition of Yahoo will have no impact on your industry?"

Xia Jingxing's hand movements froze, and the cigar stayed on his lips.

"Microsoft has taken a fancy to Yahoo's search engine business and wants to integrate them together to fight against the rise of Google."

"Google's search market share in the US market reached a new high of 66% last month, while Yahoo and Microsoft's market shares have declined to varying degrees, to 20.9% and 7% respectively, which together are less than half of Google's. "

"Looking at the global online search market, Google's market share has reached 77%, Yahoo only has 12%, Microsoft is even lower, only 3.7%, and our two combined are only one-fifth of Google's."

Speaking of this, Yang Zhiyuan's tone was full of frustration, regret and annoyance.

Back then, he refused to acquire Google, which was also founded by a Stanford alumnus. This was his first mistake.

Later, Yahoo used the search service provided by Google to help the other party expand its market and feed the tiger. This was its second mistake.

Xia Jingxing was thinking about Yang Zhiyuan's third mistake. In 2008, he did not agree to sell to Microsoft for US$44.6 billion. In 2017, he sold it to Verizon for US$4.48 billion, which is where Fuxing Mobile is now. The telecom giant that we cooperate with.

Because of his repeated mistakes, Jerry Yang was criticized by the media and investors and rated as the worst CEO. He was also driven out of office in despair by the shareholders who controlled the vast majority of the shares.

Because he had no contact with Yang Zhiyuan in his previous life, Xia Jingxing didn't know much about the former world's number one Internet person.

The two have become good friends in this life, and he can more or less understand Yang Zhiyuan's reluctance and helplessness.

Yahoo was founded more than ten years ago and went public just one year after its establishment. Most of the shares are not in the hands of Jerry Yang, but in the hands of Wall Street investors.

In other words, Jerry Yang's control over Yahoo is not strong, which has led to frequent changes in Yahoo's executives and the lack of a firm long-term strategy.

Auctions, search, online music and video, social networking, light blogging... Yahoo has chased every trend. There are a forest of birds, but it can't catch a single one in its hand.

Shortly after Yahoo went public, Jerry Yang took a back seat. Last year, as Google's website traffic and market share surpassed Yahoo's, the founder, Jerry Yang, was reinstated.

When it retreated to the second line, Yahoo was still doing well. When it came back to the world, Yahoo was already in decline. It was extremely difficult to lead Yahoo to a turnaround. This was where Jerry Yang was helpless and angry.

Unwilling to be reconciled, the former global Internet king has actually been reduced to selling himself. This should be Yang Zhiyuan’s obsession that he can’t let go of the most.

It was also because of this obsession that Jerry Yang blocked the deal between Microsoft and Yahoo, which led to his resignation and completely faded out of the Internet world.

Xia Jingxing thought carefully in his mind, what could he do about this deal?

Microsoft's acquisition of Yahoo to fight against Google is a game between the world's three largest listed technology companies, and the aftermath will even affect the structure of the Internet industry in China and the United States.

Because Yahoo still holds 26% of the shares of Ali's parent company and more than 20% of the diluted listed company Ali Baba.

What would happen if these shares of Ahri fell into the hands of Microsoft?

In addition, as the war between Microsoft and Google escalates, can Facebook and Android gain some benefits from it?

Xia Jingxing felt that what Yang Zhiyuan said was right. We really couldn't just sit back and watch this transaction.

At the very least... the more than 20% of Ahri's shares must be returned to China, which will end a regret in Jack Ma's heart, so that Jack Ma no longer has to bear the infamy of foreign capital holding a large share.

Thinking of this, Xia Jingxing took a long puff of cigar and said, "What is the issue that you are struggling with and hesitating in your mind right now?"

"In principle, I don't want to sell Yahoo. This company has brought me wealth, fame, glory... too many things."

Jerry Yang let out a long sigh, "Such complicated emotions are like, will you sell Facebook?"

"meeting!"

Xia Jingxing's answer without thinking made Yang Zhiyuan stunned for a few seconds, and then he joked: "Darren, you didn't say that before. I wanted to acquire Facebook a few years ago, but you said it was not for sale, it was my own child. "

"This time, that time!"

Xia Jingxing spoke in a serious tone, "In the past, Facebook was in my hands, so no one could touch it.

But now that I can't control it, it is no longer not for sale in my mind. "

Xia Jingxing's tone didn't sound like he was being hypocritical, but Yang Zhiyuan couldn't help but test it.

"I'll sell Yahoo to you. Do you dare to take over? There's no need to bid $44.6 billion. Just a one-for-one share exchange and merger with Facebook."

Xia Jingxing thought quickly in his mind. Facebook's current market valuation is between US$30 billion and US$40 billion. The other party's offer can be said to be very sincere.

However, considering the business growth, this is obviously a loss-making business.

After Facebook took over Yahoo, even if it pooled the resources of the two major companies, it was not sure that it could kill Google in the search field, or even fight against it.

What are you buying it for?

Giving Microsoft the hatred and firepower to attract the big boss, Google, is the way to go.

All the thoughts only lasted for a moment. Xia Jingxing quickly replied: "Facebook has no business foundation in search and portal. We cannot afford this deal. Even if we take over, I have no confidence to win in these two business areas." Google and Microsoft.

Even if I want to take risks, shareholders will not allow it. You know, I am not the only one who has the final say on Facebook now. "

Yang Zhiyuan fell into silence for a while. Although his words were meant to test Xia Jingxing, they did not mean to broker the deal.

Microsoft's offer to them is half cash and half Microsoft stock. Yahoo shareholders can choose to receive cash or a fixed number of Microsoft common shares.

Replacing the 3.9% stake in Yahoo held by him with the high-growth Facebook stake is obviously more valuable than exchanging it with the aging Microsoft stake.

In addition, since it is a one-to-one merger, there is no question of who acquires whom.

Not only will this not diminish his reputation as the first Internet person of the century, but after the news spreads in the Chinese world, it will also be regarded as a collaboration between the two most powerful Chinese Internet entrepreneurs in the world, and maybe it will become a good story.

However, Xia Jingxing expressed his rejection politely, and he would not persist in stalking her, as he had his own pride in his heart.

"Jerry, whether you decide to sell Yahoo or continue to hold it, I respect and support your decision."

Xia Jingxing didn't rush out to express his intention. That would have been too impatient. Not only would things not be accomplished, but Yang Zhiyuan would also easily be misunderstood.

Looking at Yang Zhiyuan's attitude, he knew that the other party was still hesitating at this moment and needed more weight to add to the other party's psychological balance.

"Thank you! I heard that you went to Europe. If you come back to the United States, let's get together."

"Good advice, we haven't seen each other for a long time."

…

After agreeing to return to the United States to meet in person, Xia Jingxing hung up the phone, leaned back in his chair and smoked a cigar.

Regardless of whether he is from a friend's perspective or from a business perspective, he is happy to see Microsoft acquire Yahoo to slow down Google's development.

As for whether Microsoft plus Yahoo will kill Google and become the dominant player in both software and the Internet, he is not worried about this issue.

Because Microsoft failed to acquire Yahoo in its previous life, it instead signed a ten-year agreement with Yahoo. Microsoft will assume Yahoo's search work, and Yahoo will be responsible for advertising sales on Microsoft websites.

As a result, Bing search still cannot compete with Google, and it is the second best in ten thousand years, and even its market share is still shrinking.

Google's technology is so powerful, and it also has a first-mover advantage. Since it topped the list of the world's Internet market capitalization last year, the company has begun to take off at an accelerated pace.

Now we have actually developed browsers and mobile operating systems, and in the future we may also develop various cutting-edge technologies such as artificial intelligence and driverless driving.

Xia Jingxing believed that he could not stop Google, so he could only leave this glorious and arduous task to Microsoft, and he could just play the drums on the side.

When Microsoft is defeated, Facebook and Android, which have successfully developed, will lend a helping hand.

Xia Jingxing estimated that Gates would be very moved when the time comes. He led him to make a lot of money and led a team to reinforce Microsoft. This is much gentler and more righteous than Larry Page, whose name is Page but is actually a boy with a crew cut. too much.

Xia Jingxing had just made clear arrangements for Gates and Page when the phone on the table rang again.

He picked it up and looked, oh, it's Jack Ma. It's already early morning in China, it's really urgent!

After picking up the phone, Xia Jingxing asked with a smile: "Old Ma, you are up late at night. Do you have any happy events to share with me?"