The Millennium Semiconductor Survival Guide

"Selling Quora at this point in time is a very correct choice, the entire Silicon Valley and even Nasdaq are in a very bad state.

A large number of companies that are not worth such a high price have been inexplicably blown to this point, and it is hard to imagine when the entire bubble will burst.

For example, the B2B No. 1 business revenue is only 33 million U.S. dollars, but the market value exceeds 10 billion U.S. dollars. Such unreasonable phenomena are flooding the entire Nasdaq.

The outside world always thinks that you are the best product manager. In fact, your business vision is also good.

The only thing I can't figure out is why you're selling Quora instead of Riot Games.

The actual value of Quora is obviously higher than Riot Games.

If I were Ni, either the two were sold together, only one was sold, and one listing was run, which was also running a Quora listing and selling Riot Games.

This is what confuses me. "

Zhou Xin knows that he is definitely not the only one who thinks that Nasdaq is full of bubbles. He has the perspective of God. Silicon Valley and Wall Street have never lacked smart people.

What surprised him was that this was the first time Pierre and him met, and the other party should also understand that it is taboo to talk lightly.

Zhou Xin replied calmly: "I also think that Nasdaq gives me the feeling of a bubble, but I don't know the specific bubble situation.

The company under my name is not listed, and the valuation given to me by Riot Games Goldman Sachs is not high, and I don’t buy NASDAQ stocks, so I don’t know the specifics of the bubble.

But I think the sale of Quora has nothing to do with the bubble. I simply think that the degree of overlap between Quora and what I want to do in the future is not high, and my energy is limited. "

Pierre nodded: "It's either luck or strength, I don't believe that Newman will rely on luck alone, you can choose to sell at this point of time, obviously you have strength.

As the founder of Ebay, Ebay is the main place for transactions. I have seen too many transactions occur on Ebay. There is no essential difference between the transactions on Nasdaq and the transactions on Ebay.

It is impossible for one thing to rise forever, and the Nasdaq index cannot rise forever.

In my opinion, this bubble will burst sooner or later, the difference is only time.

Quora can be sold before the bubble burst, your business vision is beyond doubt.

So are you considering selling NewPay as well? There is not much cash lying in Ebay's account, but before the bubble burst, Ebay's acquisition of NewPay made news, and we were able to solve this problem through financing.

Or if you accept the stock exchange, I can also use the Ebay stock to buy NewPay, so that you don't have to pay income tax. "

The deal is tax-free, which the founders of broadcast did when AOL bought it.

Zhou Xin finally understood the intention of the other party's visit. It turned out that he wanted to acquire NewPay. ,

Pierre continued: "If you buy now, Ebay can offer you a high price. US$5 billion is the bottom line, and US$10 billion is not impossible."

Pierre is very sincere: "In an era when a company with a revenue of only 33 million US dollars has a market value of more than 10 billion US dollars, NewPay is worth 100 billion US dollars in my heart.

But the problem is that Ebay can't shell out $100 billion anyway.

$10 billion valuation, think about it, I really want to buy NewPay. "

Zhou Xin asked: "If I remember correctly, the current market value of EBay is only about 10 billion U.S. dollars. How can you spend 10 billion U.S. dollars? This is already the price of EBay."

Due to the butterfly effect brought by the protagonist, some data will change from the actual existence.

For example, the first commercial company they talked about was listed on July 1, but here the first commercial company was listed in May ahead of schedule, and the stock price soared by 170% on the day of listing.

Pierre: "I am willing to take the way of stock replacement to merge NewPay. If you are willing to accept this method, after EBay's additional stock issuance, you will become the largest shareholder of EBay, owning nearly 50% of the stock."

Zhou Xin thought, I would only agree if you were Bezos. Compared with the development of Amazon in later generations, the development of eBay is quite tepid.

Until 2020, eBay is still alive and well. As a niche e-commerce website, it looks a bit like Dangdang.com.

After eBay was spun off from PayPal in later generations, its market value was less than a quarter of that of PayPal, so it was a stretch.

Zhou Xin is not that familiar with these, but when he was in American, there were very few people around him who used eBay.

From this point alone, Zhou Xin can judge that EBay is not doing well.

"I have no intention of selling NewPay at the moment. For me, NewPay is not for sale."

Pierre has heard too much about the so-called not-for-sale items. In the transactions on eBay, some sellers will say that their products are not for sale.

Once this sentence is spoken, the subtext is to add money.

Pierre sighed. In fact, he insisted that EBay should be its own payment channel, but it was not enough. After EBay acquired Billpoint, the progress of Billpoint's electronic payment products was slow.

Unable to go online for a long time.

And direct competitors, after accessing NewPay, continue to erode EBay's market share.

EBay has conducted questionnaire surveys and telephone interviews with business organizations. Among the users who have not used EBay for more than a month, more than 80% of the customers have given up. The main reason is that EBay does not support NewPay payment.

This reality forced Pierre to accept NewPay as the only payment channel for EBay.

Another payment channel is checks. Since NewPay was connected to EBay, only 20% of customers use checks as a payment method.

And this number is still declining.

Pierre originally thought that Zhou Xin's willingness to sell Quora was a rare opportunity. Since Zhou Xin was willing to sell Quora, he was willing to sell NewPay.

In Pierre's opinion, the two are of equal value.

Pierre shook his head helplessly: "Well, Newman, you can think about it, and tell me if you change your mind.

Or is NewPay willing to accept investment? EBay acquires a partial stake in NewPay.

Ten billion dollars, would you like to sell the controlling stake to EBay? "

If NewPay didn't have strategic considerations, Zhou Xin really agreed.

But it won't be sold to poor ghosts like EBay, and it will be sold to banks.

From Wells Fargo, Silicon Valley Bank and even Credit Suisse in Switzerland, they have found Zhou Xin from different channels and expressed their hope to acquire NewPay.

Founded in 1983, Silicon Valley Bank has a long history.

Compared with these banks, EBay is really poor.

Zhou Xin continued to shake his head: "I currently have no plans to sell NewPay.

The income from selling Quora is enough for my expenses, and I haven't reached the point where I want to sell NewPay.

And I also think that Nasdaq has a bubble, and this bubble will burst sooner or later, but when the bubble bursts, it will be blown up again.

Selling Quora is enough money to keep me waiting until the bubble is blown again.

In the words of Hua Guo, this is a process that goes back and forth. "

Pierre: "EBay wants to invest in NewPay, and we want to be one of NewPay's shareholders."

This is Pierre's bottom line, if NewPay accepts, then Billpoint will only be one of the options even after launch.

If NewPay does not accept EBay's investment, then EBay will gradually use Billpoint instead of NewPay.

Zhou Xin nodded: "NewPay will notify EBay of the next round of financing. As for whether EBay can be shortlisted, it depends on the conditions given by EBay."

During the first round of financing, Pierre thought about taking a stake, but the structure of A/B shares made him hesitate.

Because the logic of corporate investment and institutional investment is completely different, institutions only pursue income, and they generally do not interfere with corporate operations.

Even if they interfere, they only interfere with where your money is spent. They need to ensure that the money they invest will not be spent by the founders on their own eating, drinking and having fun.

And corporate investment is to match the company's development strategy, how can stocks without voting rights match the company's development strategy?

Even if EBay obtains more than 50% of the A shares, it will not have the actual control of NewPay.

This is also an important reason why the Internet companies in Huaguo in the later generations do not have many stocks, but they firmly control the control of the company.

After the A/B share structure adopted by NewPay was exposed by the Silicon Valley media, Robin Li has been thinking about how to replace Zhou Xin’s ordinary voting shares with 0.1 voting shares.

It's just that he is still fledgling, and Zhou Xin will flatly reject such a request.

Since Baidu became Quora's built-in search engine, with the help of Quora's traffic, Baidu even came from behind in the search engine field and overtook Google.

Baidu is now the top five search engines in the United States.

At this time, search engines are not only Yahoo and Google, but also some other Internet companies are also doing search engines.

Pierre expressed understanding: "No problem, EBay needs to join in the next round of financing.

I believe Bezos thinks the same as me.

He must be regretting now, why he didn't invest in NewPay's angel round.

At that time, NewPay’s valuation was only US$1 billion.

Now it has more than ten times, even personal investment is a business that can make a profit without losing money.

So looking back now, Quora's paid Q\u0026A is simply a hand of God, not only making Yahoo's Q\u0026A appear as ridiculous as a child challenging an adult in front of Quora.

It also completely revitalized NewPay.

In chess, this is equivalent to activating all the rooks, bishops and queens in one move.

From this point, I need to learn from you, Newman, are you interested in coming to EBay as the Chief Strategy Officer?

I have prepared a post just for you. "

Zhou Xin smiled: "Bill also gave me this position, but not the name, he gave me the chief product expert of Microsoft.

From my feeling, the two are similar positions.

I refused, mainly because my knowledge of the field is very narrow. In fact, I don't know the operating system or online shopping.

Putting me in a position like this and not being able to make a proposal that matches my position makes me feel guilty and feel like I'm getting paid for nothing.

So let me grow up for a few more years, wait until I think I have this strength, and then try a different field. "

Zhou Xin thought to himself, it would be too cheap to ask me to give you God's perspective for a single position.

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