In a short period of time, Robin asked himself countless times in his heart.

Why would he, a high-achieving student in the United States, a technology pioneer in the computer field, and an out-and-out elite, be hit in front of a young man in his early twenties like Li Mu, and he can't even stick to his original level?

He obviously has eighty points of strength, even if he Li Mu's strength is eight percent, he should at least stick to his eighty points of strength, why is his eighty points of strength greatly affected by him when he encounters his strength?

This feeling is really depressing, it's like playing a game, the opponent not only has much stronger attack and defense than himself, the key is that he also has his own buff that reduces the enemy's damage and defense, what should I do? Robin is also desperate!

Li Mu actually summed up a truth a long time ago, in negotiation, we must stand in a crushing attitude to destroy the other party's psychological defense, even if the ability is not enough to crush, we must also achieve crushing in momentum.

In fact, Robin can say very backbonely: "What tricks do you have, I'll follow, let's see you again." ”

But he didn't dare, because he had been completely crushed by Li Mu's momentum, he believed in Li Mu's threat, and subjectively thought that Li Mu would definitely do it at that time, at the same time, he lacked confidence in himself, if Li Mu threw money to poach people from Baidu and Google, and used his own resources to make a search engine, I am afraid that Baidu will soon be hit by the scatters, if Li Mu really cooperates with Google, Google should not ignore this world-class Internet celebrity, if Google cooperates with Li Mu, Baidu Bacheng will still be unable to escape death……

Subconsciously, Robin didn't think about how he should resist, he was just thinking about a question in his mind: "Li Mu wants to vote for the name, and if he accepts the name, he will be on his boat, this is not a bad thing, everyone wants to be able to enjoy the shade with their backs to the big trees, but the key to the problem is what is the ticket price of backing the big tree!"

15% of Baidu's shares?

To be honest, it's really high.

Yiting Technology really doesn't have that much development prospects, especially after Li Mu has already stripped off the post bar.

Baidu's valuation of 120 million US dollars is indeed not too high, and the future is very promising, but if it is diluted by 15% at this time, it will be too embarrassing for itself and the team's future voice and capital operation.

Jimmy is also worried, he is worried that if Baidu agrees to Li Mu's request, then how will the 15% stake be given?

Normally, if shareholders want to give 15% of the shares, then all shareholders must be transferred in equal proportions, De Fengjie now accounts for nearly 23%, if you want to sell 15%, you have to take out nearly 3.5% of the shares, De Fengjie does not want to dilute its shareholding ratio now.

He wanted to speak, but as soon as he thought of Li Mu's poisonous tongue, he flinched again.

At this time, Robin spoke: "Mr. Li, we still need to discuss what you said. ”

Li Mu said: "Yes, we can go out at any time and leave the conference room for you to discuss." ”

Robin nodded, "Okay, then please give us an hour and we'll discuss it carefully." ”

Li Mu said: "I have one more condition, you can discuss it together." ”

Robin hurriedly asked, "What conditions?"

Li Mu said: "In addition to replacing 15% of Baidu's shares with Yiting Technology, I personally want to invest 10% of Baidu's shares in cash, and the price can be 120 million US dollars according to what you said, and 10% of the shares will be sold to me in cash, which can also allow you, the original shareholders, to cash out first." ”

Speaking of this, Li Mu looked at Robin and said with a smile: "Robin, you haven't had a chance to cash out until now, right?"

Robin hadn't recovered from Li Mu's 10% lion's big mouth, and when he heard Li Mu ask, he nodded subconsciously: "Not yet." ”

How can it be so easy to cash out?

With capital like Defengjie behind it, they will supervise every penny they give to Baidu, although they will not stare at every penny, but they also require that all the money must be used for Baidu's own operations, how can they put it in their pockets? Don't look at Baidu's valuation of more than 100 million US dollars now, but they can still only get a salary every month! It is really a salary! The shares are put there, and the capital is not allowed to cash out!

In fact, this is not to blame the capital, the capital invests in a team, a project, if the valuation is 10 million, give them 1 million, accounting for 10% of the shares, the 1 million must be used by them to operate the company, not to their own, otherwise they get 1 million turnaround, the company still has no money to operate, after a few days the company is yellow, and the capital will not become a pick-up man?

Therefore, almost all capital will put forward clear requirements for the object of their investment, prohibiting cash-out, unless the capital invests in the project, the project has been financed for many rounds, has a good foundation and development space, at this time the investor has the right to speak, will ask the capital for how much financing, how much to cash out.

Just like Li Mu, when he was in the C round, he directly made a clear request to Sequoia, and the shareholders had to cash out 10% of the $3.3 billion, that is, $330 million of it was directly divided by the shareholders.

At this time, Li Mu struck while the iron was hot and said: "I invested $12 million in Baidu, which is a direct purchase of your shares, and you can cash out freely, I have no opinion." ”

Robin was surprised by Li Mu's generosity, the investment is allowed to cash out 100%, Li Mu really gave a very tempting offer, everyone came out to start a business for so long, the worth is there, but the money is not earned, hard to start a business on the road, everyone wants to be able to get a lot of money to treat themselves, if 12 million US dollars come in, if half of the cash out, then the founding team also has tens of millions of yuan to share, which can make the core layer really get rid of poverty and become rich.

However, having said that, Li Mu wants 10% of the shares, which is too much.

If you agree to Li Mu's request, then all shareholders will have to wait to dilute 25% of their shares, Defengjie will take out about 5.75%, 60% of the founding team's shares will be taken out, and the remaining small shareholders will have to take out 4.25%.

At that time, Robin's own stake will also shrink to only a little higher than 25%, and Li Mu will become Baidu's second largest shareholder.

With so many shares diluted, Robin inevitably felt pain, so he proposed that the team should have a communication first, and Li Mu respected his decision and took all the people on his side to withdraw from the conference room sparsely.

Before leaving, Li Mu looked at Robin and asked him: "Robin, how many shares does DFJ have in Baidu?"

"About 23 percent," Robin said. ”

Li Mu nodded: "What about the right to vote?"

Robin said: "Same shares, same rights. ”

Voting rights mean the actual management power of the company, who has more voting rights, who can actually control the company's decision-making and development direction, sometimes, investors are the same shares and the same rights, that is, how many shares, how many voting rights, sometimes, investors will give up voting rights, the voting rights to the company's founders, their own peace of mind to follow the fortune, so that they can also win the founder's goodwill.

For example, Yuri-Milner, the Russian investment god, not only gave up voting rights when investing in Facebook, but also gave up board seats, in order to show favor to Mark Zuckerberg, telling him that I only want to make money with you, respect your decisions, and will not work against you at any time.

However, Robin at the beginning of the establishment naturally did not have the fate of Mark Zuckerberg's heyday, and although he was not willing to share the same rights, he has not yet found a suitable opportunity to regain his voting rights.

Li Mu smiled slightly at this time and said to him: " Although it is the same shares and equal rights, but your team's voting rights can still be more than half, so I suggest you, don't care too much about the attitude of Defengjie's side, in this matter, they should unconditionally respect your decision, if they take the follow-up funds as a threat, then I can use the contract to assure you, as long as you accept my conditions, in addition to the investment of 12 million US dollars to Baidu, I will also unconditionally lend Baidu 8 million US dollars of interest-free loan within a month, the repayment period is three years, and if it is not enough, it can be extended for five years, if it is not enough, I will lend Baidu another 10 million US dollars next year。 ”

Speaking of this, Li Mu added: "If you accept, I will sign a concerted action agreement with you, and entrust you all the voting rights corresponding to my shares, I will not forcefully interfere with Baidu's operation and development direction, and give you enough respect." ”

Although he said that, Li Mu knew very well in his heart that it was impossible for him not to interfere with the development direction of Baidu in the future, otherwise it would go astray again, and he would be even responsible, but even if he got 25 shares, and the same shares and the same rights, he could not have the absolute right to speak, and if he really wanted to interfere strongly, whether there was such a 25%, the impact was not very large, so it was better to give up the 25%, and use other means to interfere and restrict Baidu's future development direction in the future.

After Li Mu showed Robin his muscles, he was ready to throw a clear solicitation signal to Robin, it doesn't make much sense to follow DFJ, in fact, DFJ's future has to rely on Baidu to develop and grow, so Li Mu wants to give Robin a guarantee, a guarantee that allows him to ignore DFJ, Robin's worries are just money, as long as he promises himself, DFJ can only be more and more marginalized in the future, and the voting power is not enough, and Robin has a concerted action agreement signed by the owner of the team's shares, that is to say, Robin still has an absolute dominant position in the right to speak。

This made De Fengjie's Jimmy feel a little uncomfortable.

If Robin is really ignored, then he is likely to directly agree to Li Mu's request, and at that time, Defengjie must dilute the shares.

In fact, Defengjie does not reject dilution of shares, but Li Mushi opened his mouth, asking for too much! They originally wanted to reduce the share expenditure of the merger and acquisition of Yiting Technology to 10%, but Li Mufei not only did not let go at all, but also proposed to ask for 10% more, which made Defengjie very uncomfortable.

However, Robin was pointed out by Li Mu's words, if he has a new capital guarantee, then there is really no need to keep looking at Defengjie's face, you are an investment to make money, just follow the money honestly, don't meddle in things, overstep!

Unconsciously, the relationship between Robin and De Fengjie has undergone a qualitative change under the influence of Li Mu......