"What? You said you want to sell all the Yahoo stocks in the hands of KY Investment Fund? BOSS, is it okay to do this? In order to obtain Yahoo's angel round investment, we gave it to David Ferro and Jerry Yang a lot of good conditions. Later, we continued to absorb Yahoo's stocks, but now we have to sell them all. It's a pity." Henry Williams stood up excitedly. Obviously, Henry was very resistant to the order issued by Yang Jing.

No wonder Henry resisted this order. It was really not that easy to obtain Yahoo's angel round investment.

Under the guidance of Yang Jing, Henry, who had just joined KY Investment Fund, began to form "Actart" Capital. This investment institution is a fund specially established by KY Investment Fund for venture capital specifically for the Internet market. It is a wholly-owned secondary subsidiary of KY Investment Fund.

But like the parent company KY Investment Fund, Akater Capital, which has abundant funds, is unknown in the industry. Almost no one knows that such a huge giant crocodile is hidden in the financial world. The reason for this situation is mainly because of Yang Jing's mandatory order.

At first, Henry and the others didn't understand why the boss insisted on hiding his merits and fame. Whether it was KY Investment Fund, Pacific Capital and Atlantic Capital, they were all called for the wind and rain in the international financial industry. Once their true identities were exposed, then whether it was Tiger Fund, Quantum Fund, Goldman Sachs, Solomon Brothers, Lehman Brothers, Bear Stearns, Merrill Lynch, etc., they must keep their eyes on these three giants forty-five degrees.

There is absolutely no doubt about this. Whether it is KY Investment Fund, Atlantic Capital, or Pacific Capital, they are all giant crocodiles among giant crocodiles. The so-called international hot money refers to such giant crocodiles hidden under the water. This is definitely an existence that no large consortium wants to provoke easily, and it is also an existence that any investment bank or fund needs to look up to.

The same is true for Akater Capital. In fact, according to the level, Akater Capital, Pacific Capital and Atlantic Capital are of the same level, both of which belong to secondary subsidiaries wholly owned by KY Investment Fund.

Since its establishment, Akater Capital has been a capital that specializes in venture capital for the IT industry. After Akater Capital was established, Yang Jing authorized Henry to summarize all IT industry shares controlled by the Dragon Fund into the name of Akater Capital, including Microsoft, Oracle, Cisco, Dell, IBM, AT&T, Qualcomm, Intel, Nvidia, Motorola, Nokia...

After its establishment, Akater Capital not only acquired stocks in the IT industry, but also integrated into many famous investment institutions, such as the famous Sequoia Capital, among which nearly 40% of the shares are controlled by Akater Capital.

At the beginning, Acate Capital had taken the initiative to contact Jerry Yang and David Ferro, but because Acate Capital was not famous at all, Acate Capital wanted to invest in Yahoo in angel round, but was rejected by Jerry Yang and David Ferro.

Then, at the beginning of 1995, Jerry Yang and David Ferro found Sequoia Capital and wanted Sequoia Capital to invest in Yahoo. However, Mike Moritz, one of Sequoia Capital's partners, was hesitant after hearing Jerry Yang's introduction to Yahoo, because Yahoo is too unique, Yahoo and Netscape are different. Yahoo itself only "provides services on the Internet" and is free, so where is the profit point? Moritz will naturally hesitate if he can't see Yahoo's profit point.

The news that Jerry Yang took the initiative to seek angel round financing for Sequoia Capital was naturally known by Acate Capital at the first time, so Christopher Mendes, who was in charge of Acate Capital, was a junior successor who was very optimistic about Old Mike. He immediately found Moritz and proposed that Acate Capital replaces Sequoia Capital to invest in Yahoo. Of course, in name, it was Sequoia Capital to invest in Yahoo in an angel round.

Akater Capital is the largest partner of Sequoia Capital, so Moritz naturally could not refuse this request, so Sequoia Capital finally made an angel round investment in Yahoo - two million US dollars!

Just an angel wheel made Akater Capital spend so much effort, but now he has to sell all the Yahoo shares he obtained with so much effort. Henry naturally is not willing to do it.

The most important thing is that although Henry saw the bubble in the Internet market and firmly believed that the bubble would burst, what kind of company is Yahoo? It is currently the number one Internet company in the Internet market! Especially in January just past, Yahoo's stock price once exceeded the 500 US dollars per share mark, and Yahoo's market value was as high as US$128 billion!

Yahoo shares invested by Acate Capital five years ago were worth more than $25 billion in January!

Although Yahoo's stock price fell this month, it was still favored by all investors. It was a pity to sell Yahoo's shares at this time.

"And, we have a lot of Yahoo shares now. If we really announce the reduction of our holdings in Yahoo shares, it will cause market panic." Henry was still trying to persuade Yang Jing. After all, it is really rare to have high-performance stocks as good as Yahoo.

What Henry said is also very reasonable. Since the rise of the Internet market, Yahoo has always been the leader in this emerging market. In terms of limelight, those old IT companies are not as good as this magical Yahoo. Although the market value of old IT companies such as Microsoft, Cisco, and Oracle is higher, in terms of market supremacy, Yahoo can surpass them half a Pacific Ocean.

Initially, Yahoo simply classified the website sites to make the website resources orderly and facilitate users to query and use. Subsequently, Yahoo gradually expanded and established an ecosystem integrating search engines, emails, instant messaging, web advertising and website building platforms, covering all aspects of people's lives. Yahoo became the world's largest Internet portal.

By 1999, Yahoo had 120 million independent users, of which 100 million had registered at least one of Yahoo's channels or special services. This number was simply an incredible number in this modern era.

If such a leader in the Internet market rashly announces a reduction in holdings of its stocks, it will definitely cause market panic.

But Yang Jing still shook his head very firmly. He looked at Henry sincerely and said, "Henry, we are engaged in speculation and investment business. The most taboo thing is to stop stopping! I admit that Yahoo is a good stock, and we have earned enough benefits from it, but these benefits are only paper data after all. If Yahoo's stock cannot be cashed out, then it is not a benefit. Especially now, Yahoo's stock price is obviously going downhill. If we don't cash out while Yahoo's stock price is still at a high level, should we wait until Yahoo's stock price falls below the issue price and then cash out?"

"BOSS, how is this possible?" Henry certainly wouldn't believe this. You know, although Yahoo's stock price has fallen from the highest touch to the price of $500 per share to more than $300, it is still the same as the stock price in December last year. No matter how much it falls, it will not fall below the issue price!

Yang Jing shook his head slightly and did not argue with Henry about this. Could it be that Yang Jing told Henry that although Yahoo's current stock price is above $300, it will take less than a year. By January next year, Yahoo's stock price will fall below the 30 US dollar mark. On the day Yahoo went public in April 1996, the closing price had reached 33 US dollars!

The most important thing is that after Yahoo's stock price began to fall in January this year, there was no sign of recovery. By October next year, Yahoo's stock price will even fall to $8.7 per share! Do you really have to wait until that time to sell? But if you sell again at that time, who would have lost your brain and take over it?

The most important thing is that although Yahoo is very glorious now, Yahoo's head is really not very good. Although he and Ji Yuan are compatriots, and both have the surname Yang, Yang Jing, who is familiar with Yahoo's development history, really does not recognize Yang Ji Yuan's leadership level.

Yang Jing never denies that Yang Zhiyuan is a talent. After all, Yahoo was founded by him. With this, Yang Zhiyuan can deserve the title of "talent". But talent does not mean that he can become a good leader!

Yahoo’s success lies in many aspects, and the most important thing is that it occupies a "first", so Yahoo has been in full swing in recent years. Even in 2006, Yahoo occupied the first place in the Internet company!

In 2006, it dominated three places in the top 20 Internet companies in the world. Yahoo, Yahoo Japan and Yahoo China ranked 1, 7 and 14 respectively. Google, Facebook, China's groom, Find Fox and Net One and three major portals are all its followers and imitators. The Yahoo "Empire" back then was almost invincible, and it can even be said to be equivalent to the entire Internet. No wonder some experts said exaggeratedly: "The Internet will one day change the whole world, but without Yahoo!, the Internet may not be able to touch it."

Now, under the leadership of Yahoo, the Internet has touched the door and is changing the world, but the pioneer Yahoo has lost its way.

In 1997, two students from Stanford University set up a research project called "BackRub" and wanted to sell it to Yahoo for $1 million. This is the prototype of Google. Google's 1998 page also had an exclamation mark behind the logo, which was simply imitating Yahoo!.

But the cold Yahoo was indifferent. In 2002, Yahoo repented and began to seriously consider acquiring Google, but found that it could no longer afford it. Today, Google's market value exceeded 800 billion US dollars...

The same goes for Facebook!

In 2006, Yahoo offered $1 billion to acquire Facebook. Zuckerberg and Facebook investors almost agreed to the deal. At that time, when Facebook was in trouble internally and externally, Yahoo took advantage of the situation and bargained to $850 million at the last moment.

Zuckerberg, who felt humiliated, tore up the agreement submitted by Yahoo in front of everyone on the board of directors. A few months later, Yahoo proposed a purchase price of $1 billion or even higher, but was rejected by Facebook. Today, Facebook's market value exceeds $500 billion...

Of course, Yahoo missed more than Facebook and Google, but Microsoft also missed them.

On February 1, 2008, Microsoft offered a high price of US$45 billion, with a 60% premium, and extended an olive branch to Yahoo, hoping to break Google's monopoly position in the search and online advertising market through the marriage of the two, but Yahoo believes that the offer greatly underestimates Yahoo's market value.

Three months later, Microsoft raised its offer to $50 billion, but it was still turned away by the latter. Microsoft negotiated to buy Yahoo, and all parties were optimistic about it, but in the end it was left alone.

Missed this opportunity to sell yourself at a high price. Yahoo is like a discounted product on the shelves, waiting helplessly to bargain, and looking forward to the buyer coming.

As a result, on July 25, 2016, American communications giant Verizon announced the acquisition of Yahoo for US$4.83 billion.

For the former Internet giant, this ending is more like a humiliation. The price of $48 million is less than a fraction of the valuation of a hundred billion at its peak.

Although it has nothing to do with Jerry Yang's acquisition by Verizon at a nearly humiliating price, whether it was missing Google, Facebook, or Microsoft, it was actually Jerry Yang's decision! If there were no wrong decisions, who would know what Yahoo would develop? Perhaps, Yahoo would have surpassed Apple early and become the world's number one...

But the eggs are combined...

It can be seen from this that although Jerry Yang is a talent or even a genius, he is definitely not a qualified leader. Otherwise, Yahoo, which was once the world's number one, would not have fallen to this point!

And now, it is the end of Yahoo's peak period. If you don't sell the Yahoo stocks you have at this time, would you really wait until Yahoo is hopeless? That's not what the Dragon Fund should do!
Chapter completed!