Seeing that Elon Musk was a little confused, the playful expression on Li Mu's face became even more serious.
Elon Musk looked at Li Mu with a tangled expression. Although the two had been communicating through an interpreter, the language was different and the expressions were borderless. He could clearly see the look on Li Mu's face that was convinced of him.
Originally, I had traveled thousands of miles just to have a chance. I wanted to use Li Mu's momentum to intimidate eBay. It would not be a loss for Li Mu. Besides, I had given him favors before, so I could use his momentum to intimidate others. For a moment, this is fair.
However, Elon Musk never expected that Li Mu had already set up a trap for him and was waiting for him to jump thousands of miles away.
Thinking of this and seeing Li Mu's relaxed and confident look, Elon Musk couldn't help but admire Li Mu. This young man who is only twenty years old is indeed extraordinary.
Admiration aside, Elon Musk is somewhat depressed. He is 31 years old this year, 11 years older than Li Mu, but he has put it in his pocket, which has brought considerable improvement to his self-confidence. Big blow.
After actively adjusting his mentality, Elon Musk asked Li Mu: "Mr. Li, are you so optimistic about Paypal?"
Li Mu smiled slightly: "I personally am quite optimistic, and in my opinion, payment channels are a very important part of the future development of the Internet industry, and are the key to connecting the Internet and user wallets. If Paypal is completely packaged and sold to eBay, In the first few years, eBay's platform did bring better development opportunities to Paypal. However, with the continuous development of the Internet, one day, Paypal will exceed eBay's pattern and framework, and will definitely be separated from eBay. , becoming an independent payment channel, at that time, Paypal’s valuation will be more than ten times what it is now.”
Elon Musk looked at Li Mu, nodded seriously, and said: "Mr. Li is indeed right. I personally think that Paypal will have greater room for development in the future, but judging from the current situation, we We realize that with our capabilities, we cannot help Paypal continue to improve significantly, and if a large platform like eBay cannot buy Paypal, it will definitely create another Paypal, so our only choice now is to sell Paypal. Selling to eBay or other big platforms is the best solution for everyone."
Li Mu nodded: "That's true, but I still say that eBay does not necessarily have to acquire Paypal completely. For them, it is enough to have absolute controlling rights in Paypal. In this way, their own The demand has been absolutely met, and there is no need to build a new management and operation team around Paypal. Moreover, Makino Technology's YY is now developing very well among the elites around the world, and will gradually have more overseas users in its hands. Resources, if Makino Technology and eBay can jointly invest in Paypal, and both parties invest more resources in Paypal, it will definitely bring Paypal to a higher level, which is much better than simply selling Paypal to them."
Elon Musk frowned and thought for a moment, then nodded slightly: "You are right. If you look at it this way, there is really no need for eBay to fully acquire Paypal. As long as they have an absolute controlling stake, they can sit back and relax. As for what you said about common interests? I think it is very feasible to invest in it.”
Li Mu said: "What I prefer is that we three parties jointly hold shares. Just imagine, if Paypal is controlled by eBay in the future, Makino Technology and you, members of the original team, jointly hold shares, the company will still be managed by you. This can also ensure that Paypal Develop on the most correct route, rather than being taken over by eBay and run by a temporary team that doesn't understand payment."
After saying that, Li Mu paused and then said: "The cash that eBay and I invested when we bought the shares will not only allow the capital behind you to withdraw, but also give you, the original team, the opportunity to cash out a sum first, and then I will reserve some shares for you, and then eBay and I can import resources from overseas markets into Paypal. With the support of these two large platforms and the import of resources, Paypal's valuation can be further improved, and the shares you retain will be It will be more valuable.”
When Elon Musk heard this, his expression was already a little surprised and excited. At first, he just wanted to sell Paypal to eBay. Based on his 11.7% shareholding ratio and a valuation of US$1.5 billion, he could get 175 million. US dollars in cash, this is definitely a huge amount of money for him. Once he gets this money, he can invest in other businesses and start fighting again in another field.
However, Li Mu's words opened a new window for him. If it is jointly held by three parties, assuming it is still valued at US$1.5 billion, if Paypal withdraws all the capital behind it and sells 50% of its shares, then he can cash out It is about 90 million US dollars, and it also holds nearly 6% of the new Paypal shares. It seems that there is no change, but for Paypal at that time, the valuation will definitely increase significantly!
Just for Paypal, it is currently worth US$1.5 billion. With eBay and Makino Technology, two major companies that jointly hold shares and jointly import resources, the valuation of Paypal is definitely more than this number. With the promotion of such great good news, it is even possible. Doubled in a short time!
In this case, he has already received 90 million US dollars in cash, and it will not take long when Paypal's market value exceeds 3 billion US dollars, and his remaining 6% shares will have a market value of 180 million US dollars again. The space for imagination is indeed much larger.
Elon Musk also knows very well that if he has no need to continue cashing out after already having 90 million US dollars in cash, he can always hold the remaining shares. As Paypal's market value continues to increase, increase, the market value of the remaining shares will continue to increase.
The current Elon Musk is not the all-powerful industry leader he will be in the future. He has not yet received his first pot of gold in the true sense, and is waiting for Paypal to cash out.
Originally, he could realize 175 million through Paypal, but Li Mu's proposal gave him a new direction and greater imagination, so he became very interested in Li Mu's proposal.
After thinking about this, Elon Musk couldn't help but sit up straight and asked Li Mu with some excitement: "Mr. Li, how do you think we can get eBay to accept this three-party shareholding model?"
Li Mu smiled and said: "It's very simple. I prepared a working meal at noon. I will be interviewed by domestic media at that time. I will release a clear message through the media: Makino Technology is considering controlling Paypal, and the original team of Paypal is interested in Makino Technology's holding." I am also very much looking forward to it. In this case, eBay will definitely be anxious. They will probably come to you directly, or they may go directly to Makino Technology. In short, they will definitely not watch as Makino Technology really controls Paypal."
Elon Musk nodded and said to himself that Li Mu had really been prepared for a long time. Since he had fallen into his trap, and this trap was very likely to bring him greater benefits, he himself was willing to do so. Jumping in, I couldn't hide my heartbeat and asked: "If eBay comes to us directly, how can we reply to make them agree to the final cooperation model?"
Li Mu said: "Let's just say that Makino Technology is preparing to control Paypal after the C round of financing is completed, but Makino Technology's attitude is very clear. If eBay is still interested in Paypal, Makino Technology can unconditionally give up the controlling stake to let them control, but in order For Paypal's future development, they must accept this three-party shareholding model. As long as they agree to this model, then we can discuss further cooperation."
As he spoke, Li Mu calmed down and said: "Once we become partners, Makino Technology will not only be able to import resources to Paypal, but even to eBay. YY can cooperate with them in any country outside of China to provide resources to eBay." Promotion, and I also hope that eBay can also regard Makino Technology as a strategic partner, so that eBay and YY can achieve mutual promotion on the premise of jointly promoting the development of Paypal."
Elon Musk said: "In this way, it is more beneficial to eBay as a whole. After all, YY is developing very fast now, and Makino Technology itself has not yet exerted its strength. Everyone can see the huge potential of Makino Technology. It has potential, and I believe eBay will not reject it.”
Li Mu nodded and said: "As long as eBay turns a corner, they will realize that absolute control is enough for them. Two companies and one team can build the product Paypal. Through the cooperation of this product, the two companies can also If two companies cooperate on a larger level, eBay will definitely be very interested."
Elon Musk also clearly realizes that Li Mu's proposal is a win-win situation for his founders, eBay and Makino Technology. It is equivalent to everyone working together to give Paypal more The label allows it to gain higher recognition in the capital market, which I will not refuse in the first place, and I am very much looking forward to it.
In addition, if eBay and Makino Technology reach a cooperation on Paypal in the future, it will be equivalent to using Paypal to achieve a marriage between the two companies. This is huge good news for both companies. In the future, both companies will have great influence in the capital market. Get greater benefits.
The most important thing in the capital market is to be able to tell stories and play with concepts. For large companies like Makino Technology or eBay, if they tie each other up, even if it is just hype, they can gain higher recognition in front of capital.
Elon Musk asked Li Mu: "Mr. Li, what share ratio do you prefer?"
Li Mu said: "I tend to buy 29% of Paypal's shares."
After Elon Musk made some calculations, he couldn't help but marvel at Li Mu's shrewd calculations.
Since eBay has absolute control, it must be at least 51%. Li Mu must have had the mentality of letting eBay buy 51% of the shares before he asked for 29% of the shares. This means that after the two big companies take shares, what is left to the original team The maximum shareholding is only 20%.
Currently, including Elon Musk and Peter Thiel, the original team's shareholding is about 40%. If it is diluted to 20%, each person can cash out exactly half of their shares, which is similar to what I calculated before.
Li Mu also made some calculations in his mind. If he wanted to use Makino Technology to acquire 29% of the shares, based on the valuation of US$1.5 billion, he would have to invest US$435 million in cash. Even if he was killed, he would not be able to come up with so much money. Come on, but it doesn’t matter. Due to YY’s popularity in overseas markets, YY’s overall valuation changes almost every day.
A few days ago, the capital market's intended valuation of Makino Technology was still around US$6 billion. In recent days, YY has not only continued to develop rapidly in the US market, but has also rapidly spread to all developed countries around the world, and has even set a record A daily recharge record of more than 10 million US dollars. Since YY's value-added services are paid monthly, this means that YY's future income flow is sufficiently guaranteed. Therefore, the current valuation can be at least 70 More than US$100 million.
At a valuation of US$7 billion, if diluted by 10%, the US$700 million would be enough for him to invest in Paypal. However, Li Mu calculated more shrewdly. He did not want to raise funds first and then invest in shares. He preferred to sign an agreement with eBay and the Paypal team before raising funds. , because once Makino Technology announces that it will cooperate with eBay and jointly invest in Paypal, such good news will definitely have a boosting effect on the valuation of Makino Technology!
(End of chapter)