Samsung Insurance, Neople, Galaxy Capital and Time Games are still having a headache for DNF, and a landmark event finally appeared in the American financial market: on March 16, after the Federal Reserve of the United States made an emergency move and agreed to a loan of $30 billion to support the **** company in the United States, the **** company immediately announced that it would acquire Bear Stearns with a total value of about $236 million (about $2 per share). Bear Stearns' share price fell sharply in the days leading up to the acquisition: from a closing price of $61.58 on March 12 to a closing price of $4.81 on March 17, Bear Stearns traded at a low of $2.84 on March 17. Zhou Shi also created a miracle on Wall Street, and their short orders of more than $1 billion were almost all closed on this day. Although there are still opportunities to make money, such as buying Bear Stearns' shares under $10 and waiting for the **** acquisition, this can no longer satisfy Zhou Shi's appetite. Liangfang, AIG, Citigroup and Lehman are the focus of their next stage, including assets such as stock index futures have also been sharply liquidated in the past few days. even bought a lot of orders in reverse, waiting for the market to adjust.

Bear Stearns' sharp decline dragged down the market and drove the decline of other stocks in the same industry, and in the end, this wave of decline, the profit of the Vermilion Bird Fund exceeded 2 billion US dollars. Although shorting makes limited money, Zhou Shi's capital is sufficient, especially the leverage is high. So it's not ambiguous at all to make money. Ultra-high profits are difficult to hide from the eyes of those who are interested. However, fortunately, Suzaku Fund liquidated most of the potentially risky accounts this time, and then Bear Stearns' insiders made a mistake and deleted a lot of key information. The only thing that can be detected is a billion dollars in profits. However, the cooperation between Zhou Shi and Bear Stearns continues, and before the acquisition is completed, I believe that in the panicked Bear Stearns, there will be no less mistakes by their internal employees.

Good things often appear one after another, perhaps because of the news of Galaxy Capital's substantial profits, Lehman began to contact Galaxy Capital about the equity transfer. It's been almost a year since Lehman invested in Twitter, and Twitter's development has not been smooth, there is no mobile Internet, and Twitter's upper limit is obvious, at least now there are continuous voices in the market that sing about Twitter. Although there are not many competitors who can challenge Twitter's market position, but the continuous development has not seen the slightest profit, and the company's internal management has also had various problems after Jack Dorsey's departure, and the lack of CTO has also questioned the stability and security of the Twitter network. Lehman invested $150 million, and there is still $150 million that has not yet arrived, one is that they don't have so much money, and the other is that they believe that Twitter's development has not met expectations, and the risk of continuing to invest is too great. If you want to give this project to someone else, even if it is discounted, no one will accept it. What's more, many previous contracts still have this kind of restriction on Lehman.

Zhou Shi didn't think about directly receiving this part of the assets after Lehman went bankrupt. But in the end, Lehman is still a step ahead, and it is Lehman's venture capital company that invests in Twitter, and the collapse of the head office has nothing to do with the branch. This is also what he learned later, although these are not indicated in the contract, the two sides can have more disputes, but the actual significance is not much, and the probability of Zhou Shi winning the lawsuit is too low.

Although Lehman also wants to throw away the hot potato of Twitter, but without the secret help of a big man like Gregory, their negotiations would not have gone so smoothly.

At the beginning, Lehman's stake in Twitter was based on a valuation of $1.5 billion, and such a high valuation obviously has a performance bet. Zhou Shi did not agree to their request, but Zhuang and Dai must do it, and they are very confident that they can do it. Zhou Shi can't stop it, and he also has a VAM agreement with them: if the VAM is completed, Zhou Shi's shares in Twitter Holding Company will be transferred 5% free of charge, and vice versa. Unfortunately, by the end of 2007, and even now, Twitter still has no hope. At least they didn't meet their goals for the first year either.

In this case, Zhou Shi is about to gain the dominance of Twitter, and Lehman has little room for negotiation. Galaxy Capital contributed $100 million, of which $50 million was paid to Lehman and $50 million was invested in Twitter, acquiring all of Lehman's shares in Twitter. According to the VAM agreement, after Zhou Shi pays $50 million, the remaining $100 million does not need to be paid, and he automatically obtains 20% of Twitter's equity, and another 8% of the shares are allocated to Galaxy Capital because of the failure of the VAM, and the equity ratio of other venture capitals remains unchanged. In other words, Galaxy Capital invested a total of $100 million to acquire 28% of Twitter's shares, and Lehman lost $100 million without getting anything. There is no way, their losses have just begun.

Galaxy Capital's surprise regain of control of Twitter caused a lot of buzz in Silicon Valley, but now the focus is on the subprime mortgage crisis, which Wall Street hasn't covered much, and a few days later, the heat for Twitter's controlling stake switch has faded. Galaxy Capital proposed to convene a general meeting of shareholders, but Dai Furui, as the chairman, did not hesitate to refuse or delay the convening of the board of directors. However, this is obviously a stubborn resistance, and anyone with a discerning eye knows that he has no chance of winning.

Especially Zhou Shi stood up directly, and said with several other venture capitalists that he wanted to become the chairman of Twitter, B would have been eye-to-eye with him a long time ago, if Zhou Shi hadn't had this idea before, they would have pushed Zhou Shi to power a long time ago.

Zhou Shi completed the bet with Zhuang and Dai and obtained 5% of the shares, plus YouTube held 10% of the shares of Twitter Holdings, and finally surpassed Zhuang and Dai and got 51% of the shares of Twitter Holdings. Twitter Holdings, on the other hand, originally held nearly 68 percent of Twitter's shares, but now it is less than 60 percent because of the failed bet with Lehman. But the filthiness with Zhuang Dai made him have no intention of continuing to cooperate. It was only because of Lehman's disorder that he didn't have a seizure. Now that you've run away from your master, it's time to start doing it to the lackeys.

The dismantling of Twitter Holdings was their first step, and the mistakes of Zhuang and Dai made Twitter Holdings suffer heavy losses, and YouTube, as a minority shareholder, did not receive any compensation, and Bezos was also very dissatisfied, so he either sued or dismantled and cancelled Twitter Holdings. Zhou Shi agreed to cancel the company, and Zhuang and Dai had no choice.

After all, Twitter Holdings is just a shell company, and there is no financial problem, but everyone's shares in Twitter will be replaced by shares in Twitter and Qunar in proportion. It will take time, but the outcome is already predestined. Otherwise, Galaxy Capital will directly own about 54 percent of Twitter's shares. This also means that Zhuang Dai and the two are officially out.

(End of chapter)