My Age of Investment

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the next day.

Blankfein and Mack each brought a team to Facebook. The three parties negotiated for several hours on the financing and reached a basic plan.

Facebook will raise $1 billion at a pre-money valuation of $24 billion, with a post-money valuation of $25 billion.

Goldman Sachs and Morgan Stanley each invested $500 million and each held a 2% stake in Facebook.

In addition, Facebook also allowed Goldman Sachs and Morgan Stanley to each form a special investment fund with a scale of 1.5 billion US dollars, which has the opportunity to make a surprise investment in Facebook on the eve of its listing.

After completing this round of financing, Xia Jingxing's personal shareholding in Facebook will drop from 51.64% to 49.58%.

Shareholders such as Yangniu and Xiaogou have diluted their shares equally.

In the conference room, a group of people were negotiating, and the puppy bumped Xia Jingxing under the table with his leg.

Xia Jingxing looked at the puppy in bewilderment, and the latter gestured to him to go out.

So, he followed the puppy out of the conference room and went downstairs to the company.

"Why are you walking so far? Are you talking back? Are you deaf?"

Xia Jing was walking in the back, seeing the little dog leading the way in front kept silent, feeling irritable in his heart, and couldn't help but speak a little harder.

"Boss, I want...I want to sell shares!"

The little dog suddenly stopped and turned to look at Xia Jingxing, his eyes full of determination.

Xia Jingxing was stunned for a moment, and then asked in puzzlement, "Hey, I said, this is good, why are you suddenly selling shares?"

"I need money." The dog said calmly.

"Didn't the company adjust several rounds of salary? Isn't it enough?"

The puppy shook his head, "Not enough."

Xia Jingxing thought for a while, besides paying for everyone, the puppy doesn't seem to have any other bad habits, right?

However, compared with his life and the life of the foreign girl, Xiaogou, as one of the founders of Facebook, is indeed a bit plain and unpretentious.

Regardless of him, Yang Niu also pledged her equity, but Xiaogou neither sold nor pledged her equity, and all her income came from salary.

As a start-up company, even if it is a star start-up company, the salary of Facebook cannot be compared with that of executives of large listed companies with an annual salary of several million dollars or tens of millions of dollars.

Most executives get cash salary plus options, and less cash and more options.

This is the normal state of start-up companies, which is a way to save money.

Xia Jingxing thought about it, he was living a good life now, but he ignored some feelings of the little dog.

Xiaogou now holds a 4.55% stake in Facebook and a 4.27% stake in YouTube, worth more than one billion US dollars.

But he still wears plaid shirts, rents a house, drives a second-hand broken BMW, and looks extraordinarily low-key.

What he wondered was that the puppy didn't think there was a problem with this kind of life before, so why did he suddenly start to pay attention to material life.

Xia Jingxing didn't mean to criticize Xiaogou in any way, he used himself to judge others, and the company has developed to this stage, it is indeed time to improve the material living conditions of the entrepreneurs.

What is the purpose of starting a business, really to change the world? It's just a marketing tool, selling feelings.

Xia Jingxing sighed, patted the puppy on the shoulder and said, "Don't sell the equity. I'll go talk to Blankfein and Mack and ask them to give you an equity pledge loan. Is 100 million US dollars enough?"

"Ah! There are so many? What should I do if I can't make it?"

The little dog was a little squirming, "Actually, it doesn't need that much, and 10 million dollars is enough. I just want to buy a house that is more comfortable to live in."

Hearing this, Xia Jingxing immediately thought of a lot, and asked with a smile, "Did your girlfriend make a request?"

The puppy waved his hand immediately, "It has nothing to do with her, it's me who wants to own a big house."

Xia Jingxing didn't quite believe this, and guessed that it might be Xiaogou's girlfriend who made a request for Xiaogou. It is said that he has not seen the puppy's girlfriend until now.

"About your girlfriend tonight, let's have dinner together and get to know each other.

"

The little dog froze for a moment, then nodded, "Okay, I'll call her later."

After chatting for a while, Xia Jingxing and Xiaogou went upstairs and returned to the conference room.

As soon as he entered the house, Xia Jingxing told about Xiaogou's intention to pledge his equity.

"$10 million, right? Morgan Stanley took it."

Mack took over the business ahead of Blankfein. The old man looked at the puppy with a smile, "Would it be a little less? It's okay to borrow more."

"Enough is enough, I only need so much." The puppy was very honest, and he was determined not to be seduced by the old man.

"Mr. Dog, Morgan Stanley can provide you with the lowest interest rate. You can borrow more money and use it for financial investment. The profit is enough to cover the interest cost."

While speaking, Mack also glanced at Xia Jingxing several times, his eyes full of deep meaning.

Yang Niu got a loan from Goldman Sachs, while Xia Jingxing got a loan from Morgan Stanley.

So Old Man Mai knew very well what Xia Jingxing was doing with the money.

Seeing that the little dog was unmoved, old man Mai turned his mind on Xia Jingxing again.

"Daren, Morgan Stanley can continue to provide you with loans if necessary."

Looking at old man Mai, Xia Jingxing kept a faint smile on his face.

With the increase in Facebook's valuation and influence, Morgan Stanley has also become a shareholder of Facebook, and the risk of his equity pledge loan should be reduced a lot.

If the money is not paid, Facebook's equity should not worry about buyers, or Morgan Stanley can take the equity by himself.

With such a valuable collateral in hand, Damo became more and more courageous, and even wanted him to borrow more money.

However, he really had this idea, and when he was about to speak, Blankfein spoke before him.

"Daren, Christina, Xiaogou, if you have any financing needs, the door of Goldman Sachs is always open for you. It is definitely the best service, the best interest rate, and the highest priority."

After all, Blankfein gave Mack a provocative sideways glance.

Today, Xia Jingxing and other three Facebook founders have become billionaires, and their assets are becoming more and more valuable. They are very high-quality customers.

This kind of good business, Blankfein didn't want to be snatched away by his old rival.

More importantly, by taking the opportunity of doing business, I can also enhance friendship with the three founders and lay the foundation for more diverse cooperation in the future.

Mack bowed his head and smiled, instead of arguing with Blankfein, it was enough to show his attitude.

Seeing this interesting scene, Xia Jingxing was quite happy in his heart. It was not in vain to introduce these two shareholders, and there will be a way to raise funds in the future.

"Mr. Mack, Envision Capital previously pledged 20% of its Facebook shares to a bank syndicate headed by Morgan Stanley. Now Facebook has raised its C round of financing, and YouTube has also been spun off for its A round of financing.

The valuation of these two assets has increased a lot. Is it possible to give us an additional loan without increasing the collateral? "

Xia Jingxing deliberately mentioned it in front of Blankfein. If Mack disagreed, then he would go to Goldman Sachs.

Mack frowned. The 20% stake in Facebook pledged to them at that time will soon become 19.2% stake in Facebook and 18% stake in YouTube, with a market valuation of nearly US$6 billion.

And they previously issued a loan of 1.5 billion US dollars to Vision Capital, with a pledge ratio of more than 70%.

According to the current asset evaluation value, the pledge ratio has been reduced to 25%, and the risk is greatly reduced.

If additional loans are made to Vision Capital without additional collateral, that is, equity, it will actually amplify the risk exposure of this loan.

From the perspective of risk control, Mack did not want to extend additional loans to Xia King Hang.

But from the perspective of expanding business and enhancing the relationship with Xia Jingxing, this loan still has to be released.

What's more, the old man Mai also noticed Blankfein who was watching from the side, ready to pry the corner at any time.

Therefore, the old man Mai only hesitated for a few seconds before replying very straightforwardly: "Daren, no problem, I can give you an additional loan of no more than 1.5 billion US dollars.

If you are willing to pledge more equity, the amount can be increased.

In addition, don't feel that you are missing. The valuation of YouTube and the valuation of Facebook are actually two concepts, and the market has a higher degree of recognition of Facebook's valuation. "

Xia Jingxing nodded lightly. He understood the twists and turns. Facebook's business model is mature, and its profits are expected. YouTube is relatively poor. Many analysts think that there is a bubble in the valuation.

Furthermore, in fact, their equity in unlisted companies is not easy to use as a pledge loan, and the pledge ratio is usually very low.

For A-shares, for example, 30% to 40% of small-cap stocks, 40% to 50% of mid-cap stocks, and 50% to 60% of the main board.

For US stocks, the pledge rate of Ruixing Coffee, that is, the pledge ratio is 50%.

Lao Maitou was treated like a Facebook listed company, and Xia Jingxing felt that he couldn't find much fault.

I just don’t know how the old man will feel when he finds out about it and buys the CDS issued by Morgan Stanley with the money he borrowed from Morgan Stanley.

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