My Age of Investment

"you……"

Antonio pointed at Eberhard, who choked on the latter's words.

Eberhard wasn't like this when he first raised the investment.

When I pursue you, you are Xiao Tiantian, and when I chase you, you are Mrs. Niu.

Antonio doesn't understand these Chinese stalks, but he feels as uncomfortable as eating a fly at the moment, feeling that he has been teased.

If he didn't have a sliver of sanity left, he would have wanted to have a fight with Eberhard.

Xia Jingxing saw that the heat was almost ready, so he came out to act as a peacemaker.

"Let's put the rest of the issues aside for the time being, and discuss how to solve the delivery problem first."

Xia Jingxing waved to Antonio, signaling him to sit down first.

Antonio also knew that other people's face could not be sold, but Daren Xia's face must be sold, because most of the solutions to the problem would still fall on Darren Xia.

After muttering a few words reluctantly, Antonio finally sat down obediently.

Rich, who was sitting next to Xia Jingxing, was the shareholder representative of Envision Capital and also the largest shareholder representative of Tesla, he took over the conversation and said, "The biggest problem now is that the price of the Roadster is too low, only $100,000.

We underestimated the manufacturing cost of this car. The manufacturing cost of 120,000 cars means that every time a car is sold, it will lose $20,000.

According to the current order volume of more than 2,000 units, it means that we will lose more than 40 million US dollars.

Vision Capital injected $50 million into Tesla a few months ago, which was just enough to plug the loss hole.

But if the funds are consumed in this way, it means that Tesla will have no funds to promote the development and mass production of the next model. "

Antonio shook his head, "Mr. Milner, your calculation is relatively optimistic, only considering the manufacturing cost of the Roadster, and not considering the R\u0026D expenditure and manpower expenditure of Tesla.

In fact, if it is really delivered according to the plan of a car of 100,000 US dollars, Tesla will consume all the liquidity in the company's account by next year at the latest. "

"As long as more than 2,000 cars are successfully delivered to customers, it proves that Tesla's scientific research strength as a car company is enough to rebuild the investment market's confidence in Tesla." Tarpenning interjected.

Antonio glanced at Tarpenning,

He sneered and said, "You are really optimistic. I know why Tesla has fallen into the situation it is today. It is because you two managers who don't understand the market are at the helm."

Eberhard was about to start a fight, but Tarpenning held his shoulders, and the latter said indifferently: "Mr. Antonio, if you have a better solution, you can propose it, and it's okay to let you be the CEO. , as long as you can settle it all."

Antonio's face turned blue and white, and he was so stunned that he couldn't speak.

If he has a solution, then he will go directly to it, so why would he still complain here.

However, Antonio refused to admit defeat, and began to review Tesla's bumpy development history.

"...The company has been established for more than three years, and has raised four rounds of financing, with an amount of more than 110 million US dollars, but there is still no hope of profit."

Antonio glanced at the two Tesla founders, and began to dig through the old accounts: "I remember the two of you patted your chest and promised that the car could be built for only 20 million US dollars.

Now the cumulative investment has exceeded 5 times the amount you promised, but the company's development is still like walking a tightrope, with financial crises breaking out from time to time.

Now do you know how the Silicon Valley investment circle and even the entire American auto industry view Tesla?

They say that Tesla will face failure sooner or later, because the cars made by Tesla are the toys of the rich. After this wave of customers is sold out, the Roadster will not be so easy to sell in the future.

The price of the car is already as high as $100,000, and Tesla cannot make money from it, but will lose money.

How much should Tesla price the next model? $150,000? Two hundred thousand dollars? "

Tarpenning replied: "Tesla's next car, the Model S, is already under design, and this time we will keep the minimum price within $80,000."

"Stop!"

Antonio waved, "You have been tossing about the Roadster for more than three years, and the cost is as high as 120,000 US dollars. Can the cost of the Model S be reduced by half? How long will it take? How much money do you need?"

Tarpenning was speechless when asked, because the other party's worries were not unreasonable.

The Model S model is still very early to be fully developed. Cost reduction, research and development time, and research and development investment are the three mountains that weigh on Tesla's head.

Thinking of this, Tarpenning turned to Xia Jingxing for help. He had the same opinion as Antonio, at this moment, only Darren Xia could save Tesla.

Xia Jingxing seemed not to have seen Tarpenning's distress signal, and said, "There are only two options before Tesla.

First, the delivery plan of the $100,000 car remains unchanged, and second, the price of the car is raised to $120,000. "

"No price increase!"

Eberhard shook his head violently, "If the price is raised rashly, it will exhaust Tesla's hard-earned business reputation."

Antonio sneered: "Then lose more than 40 million U.S. dollars abruptly? Lose all Tesla's next hopes?

If Tesla falls into bankruptcy again this time, no investors are willing to lend a helping hand. "

After finishing speaking, Antonio glanced at Xia Jingxing from the corner of his eye. The latter's expression was as usual, and he couldn't see why.

In fact, Antonio hoped that Darren Xia would be proud again and announce that he would invest 100 million U.S. dollars in Tesla, or even tens of millions of U.S. dollars, and all problems would be solved.

It's just that it's not easy for him to say such things, and he can't treat Dai Lun Xia as a fool.

In his opinion, Dai Lun Xia had already made a fool once when he agreed to invest 50 million US dollars a few months ago, and now he hardly expects Dai Lun Xia to jump into the fire pit again.

Tarpenning sighed, "The price increase is indeed a solution, but it is a double-edged sword, and it will also cut Tesla itself."

"If you don't increase the price, you will die next year. If you increase the price, you can live for a while. Maybe you can support the production of the second car, and you may usher in a turning point in your fate."

Antonio knew that Darren Xia could not be counted on to continue to inject capital for the time being, so he began to think about a more realistic plan.

Tarpenning looked thoughtful. His attitude towards Xia Jingxing might not agree to the capital injection in the short term, and Tesla could only organize itself to save itself.

After thinking for a moment, Tarpenning hesitated: "But... customers will feel that Tesla is dishonest, they will not understand the rise in manufacturing costs, they will only blame Tesla for all problems, and even think that we are greedy. .”

"Only by surviving can we talk about other things."

Antonio also knew that a rash price increase would do great harm to the Tesla brand, but Darren Xia had no choice but to make such a bad move.

Tarpenning was somewhat convinced, and he looked at his partner Eberhard who was sitting beside him.

"Daren, I know that the next request I make is outrageous and unbelievable, but I still can't help but make it."

Eberhard looked at Xia Jingxing sincerely, took a deep breath, and said, "Can you invest in Tesla again?"

Hearing this, all shareholders opened their eyes wide.

Waterfall Investments, Bezos Ventures, and other shareholder representatives were making soy sauce all the time. At this moment, they also looked at Xia Jingxing with great interest, looking forward to the choice of this young rich man.

Antonio was ecstatic in his heart. It was inconvenient for him to make such a request to Darren Shati, because it was easy to be misunderstood.

But two founders are totally fine!

These two fools finally did a personnel job.

"Investment?"

Eberhard and Tarpenning nodded frantically, blazing hope in their hearts.

"Not for now!"

Xia Jingxing's next words made the hearts of the two of them fall to the bottom, and the smiles on their faces completely froze.

"Why, Darren?"

Eberhard spread his hands and looked at Xia Jingxing incomprehensibly.

Immediately, he couldn't help but said, "Daren, this amount of money is nothing to you, right?"

Xia Jingxing called in his heart what a guy! Is this moral kidnapping?

Thinking of this, Xia Jingxing replied in a neutral tone: "I promised before that I would invest a total of 84 million US dollars in Tesla, and I have fulfilled this promise so far.

No one's money is blown by the wind, and I need to see results.

But Tesla's current results make me very dissatisfied.

If we only look at the book rate of return, Tesla’s investment has not even brought me and Vision Capital a double rate of return. "

Xia Jingxing personally and several VC funds under Vision Capital have invested nearly US$86 million in Tesla, holding a total of 59.37% of Tesla's shares.

Tesla is currently valued at 250 million U.S. dollars, and these holdings add up to less than 150 million U.S. dollars, which simply cannot achieve a double return on investment.

You know, Xia Jingxing has invested in Tesla for almost three years since the earliest investment.

This rate of return cannot be considered particularly bad, but compared with some well-known investment cases, it can be called a lonely investment.

Xia Jingxing's words aroused strong emotional resonance from Antonio.

The latter continued: "Yes, Tesla is growing too slowly. Many colleagues are laughing at us, saying that buying government bonds is more cost-effective than investing in Tesla."

Eberhard's face was ashen, and he really wanted to refute loudly: How can it be possible to invest without taking any risks! If you think the rate of return is low, then don’t invest in Tesla in the first place!

However, this statement is too broad and will offend all institutional shareholders.

After thinking about it, he had no choice but to hold back the words in his heart, feeling sulky all by himself.

Seeing the awkward atmosphere, Tarpenning came out to smooth things over and said, "Whether it is delivery at an increased price or delivery at the original price, it will have a huge impact on Tesla. This is not an easy decision. Let's think about it again."

The meeting ended unhappily.

After the meeting, Antonio invited Xia Jingxing, Ricky and several other shareholder representatives to a nearby coffee shop.

So, a few people went to a coffee shop together, chose a secluded location on the rooftop, ordered a few cups of coffee, sat and chatted.

"Daren, Mr. Milner, you are the second largest shareholder and the largest shareholder. When you add up your investment in Tesla, it is close to 100 million US dollars. Are you just watching Tesla go to a point of no return? ?”

Antonio didn't have anything to do with his head and brain, and he went straight to the topic as soon as he sat down.

Xia Jingxing didn't answer, he took the coffee in his hand and stirred it gently.

Ricky smiled and said, "If you have any good ideas, Mr. Antonio, you can bring them up directly, and we can discuss them together."

"I just don't have a good idea, so I thought of asking you two for advice."

Antonio only has a rough appearance, but there are subtleties in the roughness. He noticed Xia Jingxing and Ricky's reservations and defenses, and also learned to play Tai Chi.

"What about you?" Antonio looked at the other five small shareholders. In the Tesla conference room just now, these people also behaved very Buddhistly and didn't interrupt much during the whole process.

"I don't have any objections. You three major shareholders can discuss it."

Larson of Waterfall Investment smiled. As the manager of the Gates family wealth fund, he really doesn't like Tesla's little asset.

During Tesla's C round of financing, they were invited by Xia Jingxing to co-invest 2.105 million US dollars, and their current shareholding has dropped to 0.84%, not even a single point, which is dispensable, so they didn't bother to express their views.

The shareholder representative of Bezos Venture Capital echoed Larson's words, because Bezos also has a big family and a big business, and he doesn't take Tesla's investment very seriously.

Two shareholders, SDL and Compass, participated in Tesla’s A round of financing together with Xia Jingxing three years ago. The two institutions each invested US$600,000 and currently hold 2.03% of Tesla’s equity.

These two institutions are small venture capitals, and they value Tesla’s investment far more than Waterfall Investments and Bezos Ventures. However, they hold too few shares and the company is small, so they have always followed the major shareholders to express their views.

DFJ is a big venture capitalist, but the shareholding ratio is too low, only 0.84%, so Draper also behaved very low-key: "You guys discuss it, and we will discuss it together when we have a plan."

Antonio nodded, without saying anything, he turned his attention to Xia Jingxing and Ricky again.

Tesla’s current shareholding structure is that multiple funds under Envision Capital hold a total of 38.03% of Tesla’s shares, Xia Jingxing personally holds 21.34%, Value Equity Capital holds 8.65%, and Eberhard holds 13.97%. Penning holds 6.35% of the shares.

Five of them or five companies can exert influence on Tesla's major decisions, and the total holdings of the remaining five institutional shareholders are equivalent to Tarpenning, who holds the least share among them.

"Darren, Tesla's current situation is very dangerous, and this company has not been in trouble once or twice. I hope to hear your true inner thoughts."

Antonio looked at Xia Jingxing sincerely, and said, "If you want to make some changes, Value Equity Capital will firmly stand by your side."

Hearing this, several small shareholder representatives around put down their coffees with their coffees, and those without coffees also turned their attention to Xia Jingxing and Antonio.

They all heard some overtones from Antonio's words, which seemed to be serious dissatisfaction with the existing management.

Thinking about the quarrel that just happened in the conference room, I immediately understood.

The scene was very quiet, everyone focused on Xia Jingxing, waiting for the chairman's final decision.

Vision Capital plus Xia Jingxing, plus Value Equity Capital, the voting rights of the three shareholders are enough to overwhelm the two founders.

Even if it requires a change of management, it can be done.

Xia Jingxing took a sip of coffee calmly, then put down the cup gently, staring sharply at Antonio's eyes, "What do you want to do?"

A smile gradually appeared on Antonio's face, and he knew that his guess was right.

The Chinese are really good at hiding their emotions, which almost blinded him.

If one were to rank the level of dissatisfaction with the management, Antonio believed that Dylan must be in front of him.

Value Equity Capital only invested less than 20 million US dollars, but this one invested five times as much.

Tesla has problems again and again, and profits are nowhere in sight. Let alone returns, investments may go to waste at any time.

In this case, Antonio firmly believes that Daelon has the same determination as himself to change the status quo.

In addition, Eberhard's attitude towards investors today also angered Antonio a little. He believed that Darren Xia must also be very uncomfortable.

Dare to treat the donor's father like this, I will be wronged after investing money, there is no such reason in the world.

"First, re-elect the management team, reorganize Tesla's entire process from R\u0026D to production, and strictly control costs.

Second, completely solve the problem of mass production and delivery of the Roadster. If there is still a problem of insufficient funds, I hope that the shareholders here will contribute proportionally and give Tesla another chance. "

After all, Antonio glanced at the shareholders present, and said lightly: "I know that some people may look down on Tesla as a company, but Tesla is actually doing a disruptive business.

If Tesla succeeds in the future, the rewards to shareholders will be unprecedented.

Big returns mean big risks, it depends on whether you dare to gamble.

If you don’t dare to gamble, it’s okay for Value Equity Capital and Vision Capital to undertake all the capital contributions. "

Antonio's words were extremely tough, which surprised many people present.

And Antonio's attitude towards Tesla was a bit beyond their expectations.

They thought that Antonio had completely given up on Tesla, but in the end they planned to continue raising their bets.

This is a bit like a gambler who still refuses to play at the gambling table after losing his eyes. Of course, he may also be a gambler.