My Age of Investment

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"Facebook was born in late August 2002. After 7 years and 9 months of struggle and hard work, we finally went from a campus website founded by three college students to NASDAQ.

None of this would be possible without the joint efforts and dedication of the 4,052 employees and those who have left the company, as well as the long-term support and trust of all shareholders.

Going public means that Facebook will fulfill its commitment to you and bring you the rewards and returns you deserve for every employee and shareholder.

At the same time, it also means that Facebook's development will enter a new stage.

Accelerating the transformation to mobile Internet and deeper globalization are Facebook's next two important development directions, and they are also one of the main purposes of our IPO financing.

Currently, the cumulative registered users of Facebook have exceeded the 1 billion mark. If Facebook were compared to a country, it would be the country with the third largest population in the world.

I believe that the day when China becomes the world's largest country will not be too far away.

More users choose and use Facebook, which injects new vitality into Facebook and brings more diverse cultures to Facebook. It truly turns the earth into a "village" and brings us closer to each other. , people can communicate freely and enjoy the collision of ideas brought by different cultures on the platform.

This not only promotes the prosperity of the Internet, but also brings new challenges to the Facebook platform.

We need to develop a network platform that can host more users. Whether it is 2 billion users, 3 billion, or 4 billion users, they can smoothly use Facebook's application services.

In addition, we will further strengthen the protection of users' personal private information, establish an organization called the "Cybersecurity Committee", and hire independent institutions and individuals as members to discuss issues such as child safety, hate speech, misinformation, cyberbullying, and fraud. Provide advice and oversight to businesses on other potential issues. "

Looking at Kristina talking eloquently on the stage, many shareholders fell into deep thought.

The Cybersecurity Committee seems quite fashionable, formal and well-intentioned, but will it have some impact on the growth of Facebook?

Xia Jingxing's expression was calm and he didn't have much reaction.

Because this cybersecurity committee was his suggestion to Kristina to avoid trouble in the future.

Although it is still impossible to eliminate the trouble caused by information security, at least there is a shield.

In addition, this is also a move he prepared to deal with the dark forces' conspiracy.

Those dark forces are trying to drag Facebook into a big plan to monitor the world. As an American company, Facebook cannot refuse and can only obey the dark forces together with Google and Wisdom Fruit.

However, after the Cyber ​​Security Committee is established, two member quotas can be allocated to European countries. In the face of dark forces, Europeans can at least grunt and protest. Forget about Japan and other countries, giving them member quotas is not a good idea. use.

Compared with other American companies that are fearless, Facebook's establishment of this cybersecurity committee can be seen as a relatively low-profile effort to please the Europeans without violating the principle of America first. When dealing with European regulations in the future, The means and response measures are also more flexible.

As for Google and Wisdom, which are stubborn and determined to be loyal subjects of the United States, let them go. Anyway, there is no shortage of billions or tens of billions of dollars.

After Christina finished her speech, a representative of the Nasdaq exchange also came on stage, congratulated Facebook on its listing as the host, and let out a bunch of rainbow farts.

At 9:25 a.m., all shareholder representatives, senior executives and employee representatives boarded the bell-ringing platform together.

Kristina stood in the center with her son in her arms. She was now the largest shareholder and CEO, so she deserved to be in the C position.

Xia Jingxing and Xiao Quan stood beside her, while other shareholders and executives stood further out.

After simply arranging their positions, the time gradually came to 9:30.

Seeing the gestures made by the staff in the audience, Christina gently pressed her hand on the bell ringing platform. Along with a burst of rapid electronic bells, blue paper fireworks representing Facebook's trademark color rose into the sky and sprinkled the sky. The whole bell ringing platform.

Everyone on the stage clapped, waved, and raised their thumbs with joy, maintaining the entire process for tens of seconds to facilitate Nasdaq staff to take photos and videos.

The huge ring-shaped curved screen behind everyone also showed the Facebook logo at the right time, and the stock price and growth data floated by in a dizzying manner.

At this point, no one had time to check the stock price increase, so they were called out of the building by Nasdaq staff and went to Times Square to take pictures.

On the LED advertising screen outside the Times Square building, there was also a scene of people ringing the market bell.

Under this huge background wall, everyone took photos in twos and threes and accepted photos from the media.

Xia Jingxing first took a photo with the puppy, and then took a photo with Andrew and Principal John. He also took a photo with countless shareholder representatives and executives, but he was not in the same frame with Kristina.

The media reporters who were up to no good shouted: "Dylan, would you like to take a photo with Kristina and Enoch?"

Xia Jingxing was a little moved, but when he turned his attention to Kristina and found that she was looking at him with a cold face, he immediately extinguished his thoughts. In the end, he just took a photo with his son in his arms under the huge advertising screen.

Today is Children's Day. I wonder if this photo will become famous on the Internet in a few years: When people celebrate Children's Day, my father takes me to ring the bell to go public. The Children's Day gift is stocks worth 5 billion US dollars... …I don’t know how many Children’s Days are on my twentieth anniversary, but that’s it!

After the outdoor photography session, a group of people hurried back indoors, all looking up and staring at the stock price changes on the big screen.

Facebook's issue price was US$40 per share, and the opening price was US$44.6 per share. Since then, the stock price has continued to rise, once touching US$50 per share.

Seeing this scene, everyone felt relieved.

Blankfein patted Xia Jingxing on the shoulder and said with a smile: "Don't worry, with our Goldman Sachs stepping in, can the stock price break through?"

Mack couldn't bear to see Blankfein getting ahead of him every time he pretended to be cool. He coughed and said, "Darren, your movie + IPO plan is very good. Many people started following Facebook a week ago. This successful IPO has laid a solid foundation."

Xia Jingxing smiled and said, "Both of you are great contributors. Without your help, Facebook would not have been able to raise US$16 billion!"

Blankfein nodded slightly, pointed to the big screen above his head and said: "The total share capital of Facebook before the issuance is 2.6 billion shares, and the total share capital after the issuance is 3 billion shares. After all green shoe options are exercised, a total of 4.6 billion shares will be issued. billion shares, the total equity size will increase to 3, and the amount of funds raised will also expand from US$16 billion to US$18.4 billion.

Calculated based on the issuance price, Facebook's total market value has exceeded US$120 billion. Calculated based on the current stock price, it is only one step away from US$150 billion. "

While the three of them were discussing the stock price and some details of the IPO, Xiao Quan, Andrew, Principal John and others on the side almost jumped up with joy. They all took out their mobile phones to calculate how much the stocks in their hands were worth. .

Equally happy with them are Facebook executives and employee representatives, because this is a collective wealth creation movement from which thousands of people will benefit.

The ones who performed a little calmer were undoubtedly Peter Thiel and Jerry Yang. On the one hand, it was because they had seen many big scenes and had long maintained a normal mind. On the other hand, they held a small shareholding ratio or invested in Facebook. Not a small price to pay.

Take Jerry Yang as an example. He exchanged his Yahoo shares (actually Ali shares) for Facebook shares.

However, Facebook’s valuation at the time was only a little over 40 billion U.S. dollars. Without taking into account the dilution of the shareholding ratio by the IPO, Jerry Yang earned more than twice the share-exchange investment. Of course, this does not take into account that he invested 25 billion U.S. dollars. The U.S. dollar valuation wiped out Yahoo’s stake in Ali.

"I calculated that I hold 105.04 million shares at $40 per share, worth $4.2 billion. If the current stock price is $48 per share, it is already more than $5 billion."

The little dog was surprised and happy to count it several times, and found that he was not wrong at all, there were indeed so many. Although I had a general psychological estimate for a long time, it was only at this moment that the valuation turned into market value. How could Xiaoquan not be pleasantly surprised.

"I have also calculated mine. I hold 97.5 million shares, which is worth US$3.9 billion based on the issue price of US$40 per share!"

Seeing the numbers on the calculator, Andrew swallowed hard. He was on the verge of joining the rich list! And he also wants to fight to become a god in the field of venture capital!

More than seven years ago, he invested US$250,000 in Facebook, which was penniless at the time, and now the company has returned him US$3.9 billion!

How many times the rate of return?

15,600 times!

Andrew was shocked by this number and quickly went to see Principal John.

The old man was still pressing the calculator slowly.

"Why are you still betting? We both have the same number of shares, so there's no need to forget it. It's US$3.9 billion, a 15,600-fold return!"

Andrew's voice was a bit loud, and what he said was heard by many people. They all raised their heads and stared at the world's most powerful angel investor who had suddenly emerged.

Being stared at by so many pairs of eyes, Andrew's heartbeat also felt a little faster. He wouldn't be robbed.

"I'm just kidding, please take your time and figure it out!"

Obviously no one believed Andrew's words. Everyone knew that this fat guy was just lucky enough to be the first angel investor to invest in Facebook. At that time, Facebook's valuation was only a measly US$5 million.

While countless people were calculating their profits, Xia Jingxing and Kristina behaved extremely calmly.

The two people who had profited the most from the company's listing only glanced at each other and then looked away.

Kristina holds 587.08 million shares, accounting for 19.19% of the total equity ratio after the issuance (after exercising the green shoe option). The stock market value is as high as 23.5 billion U.S. dollars. In addition, she is also burdened with more than 11 billion U.S. dollars in equity pledge loans and interest.

Xia Jingxing, plus several Maji funds, actually holds 459.42 million shares of Facebook, accounting for 15.01% of the total share capital after the issuance. The value of the stock holdings is approximately US$18.4 billion.

In addition, he also received US$10 billion in equity transfer funds from Kristina and held half of the LP investment share of Rockefeller United Family Office.

Xia Zerui originally held 5% of Facebook's equity, equivalent to 130 million shares. After the IPO was diluted, only 4.25% was left, with a stock market value of US$5.2 billion.

The total shareholding ratio of the family of three in Facebook is 38.45%.

Axel’s partner Jim Breyer also gained a lot, with a US$50 million investment in exchange for a return of more than US$6 billion.

In contrast, the return rates of Microsoft and dst, which invested in the latter round, were much lower. Microsoft invested US$250 million and earned approximately US$2.2 billion. Dst spent US$200 million to acquire the old shares transferred by Axel and earned a profit of US$2.2 billion. A little over $1.7 billion.

Originally, Axel could have made more, but because he was safe and wanted to earn back his capital first, he gave up more than one billion US dollars in profits.

Goldman Sachs and Morgan Stanley each invested US$500 million in Facebook, and now they have each received a total return of US$1.85 billion, which is considered a good investment.

SoftBank got on the same train as Jerry Yang and David Filo, and it almost made more than twice as much money.

The Rockefeller Family Office obtained the equity transferred by Xia Jingxing before it went public. At that time, Facebook was valued at US$100 billion. In total, it only made US$200 million in total, half of which belonged to Xia Jingxing.

Xia Jingxing took a peek at David Rockefeller's expression and found that the old man was smiling at him. He immediately felt relieved. Only after earning such a small amount, the old man was afraid that he would not jump out of the car in the next two or three years. This is called deep binding or Trapped.

In short, this IPO with equal benefits should satisfy everyone, but I don’t know if it includes the mysterious shareholders in several S funds of Vision Capital.

At that time, they subscribed to second-hand fund shares based on Facebook’s valuation of US$25 billion. Taking into account Facebook’s subsequent equity dilution, they probably only made about four times the profit.

And Xia Jingxing used the US$3 billion obtained from the transfer of fund shares to short subprime mortgages and the world, and may have made dozens of times.

Calculated in this way, the cash-out strategy formulated by Xia Jingxing a few years ago can be regarded as a great success.

Now that Facebook has officially gone public, Vision Capital, as a hedge fund, can increase its holdings of Facebook's stocks at any time, buy low and sell high, and do whatever it wants to guarantee it. It's completely free to fly. 13294/10963841

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