"There are two models for Yahoo to spin off YELP, one is a direct spin-off, which has no direct relationship with Yahoo from then on, and all Yahoo shareholders directly hold YELP shares. It's the equivalent of dividing Yahoo's stock in two. The other is to keep Yelp as a Yahoo subsidiary and then go public independently.

These two methods have their own advantages, and how to choose determines our future development strategy to a certain extent. "Pichai

"There's really nothing to discuss, unless we're willing to give up Yahoo's financial services business, YELP can only be listed as a subsidiary independently!" said Morse, CFO

"We're an internet company, and the financial payments business isn't our focus, so classifying it as YELP doesn't make a difference!" says Marissa Mayer

"Yahoo Pay is an important feature of Yahoo Pass, which can effectively increase the usage and activity of Yahoo Pass. The development of artificial intelligence in the field of financial technology is also one of the future directions, and our investment in this field will promote ......" Morse

"......" Mayer

Yahoo got out of the predicament and showed vigorous vitality, and at this time, the struggle for power and profit within the enterprise naturally began, although Morse was the chief financial officer, but he was also in charge of the financial services business, and the power status was greatly improved. Marissa Mayer's Google employees have an absolute advantage in the competition because of the rapid development of big data and mobile Internet business. However, the boss is Zhou Shi, the core is artificial intelligence, LinkedIn and yelp are relatively independent, and the cloud computing and artificial intelligence business is under the direct jurisdiction of Pichai. Barely maintained a relatively stable triangular architecture.

The battle between Marissa and Morse may be because of different points of view, probably because of the power struggle, and it is not difficult for Zhou Shi now. The financial services business must be developed, and as for what will happen in the future, whether he can grasp the balance among them, it will take time to test.

No matter how YELP spun off, his interests can be guaranteed, and of course, YELP becoming an independent listing of Yahoo subsidiaries will benefit the company more than shareholders. If Zhou Shi can guarantee his control of Yahoo for a long time, then the subsidiary model is undoubtedly more cost-effective. Many chaebol-controlled enterprises often control the equity of the subsidiary department through the parent company, for example, 35 percent, and then the subsidiary continues to set up a subsidiary, holding 35 percent of its shares, so that it can control a large number of enterprises with very little money, and at the same time can maintain strong control. There are only advantages and disadvantages, and the interests of the parent company of a large group are inconsistent with the interests of the enterprise, which seriously hinders the development of the subsidiary.

"Don't argue, YELP is listed independently as a subsidiary, and Yahoo Financial is the starting point for us to change the world and an important way to achieve a global cashless society......" Zhou Shi listened for a while, and finally it was the Qiangang dictatorship.

According to the experience of previous lives, countries like Huayin, which are still developing at a rapid pace and have an imperfect financial system, are more likely to achieve a cashless society than countries with very complete financial systems such as Europe and the United States. Zhou Shi asked Yahoo to promote a cashless society in Europe and the United States, so that Time could concentrate its superior forces to first conquer the markets of China and India, and then enter Europe and the United States. At the same time, Yahoo, as an American company, will not be discriminated against as much as time.

Zhou Shi's voice fell, no one argued with him, Yahoo has always been something that everyone can discuss, can have opinions, and general things can be decided by themselves, but it will be Zhou Shi who will make the final decision on important matters or things that Zhou Shi is involved in.

"So is yelp going public directly or going public after accepting PE financing?" Pichai said that the two methods reflected the reality that the former is to give up the benefits first, and then harvest a high valuation, and get more funds in disguise, and the latter is to reduce the cost of financing, as for the valuation, it is difficult to say, it depends on the strength of the company itself or the ability of the controller.

Zhou Shi will not be arrogant, nor will he be arrogant, Yahoo, a company that can control public opinion to a certain extent, but will also worry that the company's listing is not hot enough, and there are not enough investors? You know, investors are easily disturbed by external information, whether YELP really has potential, or has speculative value, as long as there is heat, there will be people to participate in this game. No giant or company can control Wall Street, and besides, whether it is a company like Goldman Sachs or Da Mo, it will not offend Zhou Shi casually. Even if there are some small measures, they will not be too drastic, and in the end, they will each depend on their ability.

"Let's talk about it in detail later!" Zhou Shi

"So should yelp's corporate structure be adjusted to better meet the needs of the capital market?" Pichai looked at Shen Haoyu and others, yelp, as a subsidiary of Yahoo, even if it is financially autonomous and independently listed, Pichai is still the top boss of Shen Haoyu and others, has great jurisdiction, and can also control Yelp through the board of directors.

"We haven't considered ...... in this regard," Shen Haoyu

Yelp is of course best known for reviews and group buying, first in the lifestyle service, and then partnered with Square and Yahoo Financial (Stripe) to provide a more convenient acquiring service. For example, in Silicon Valley, the merchants that cooperate with YELP are almost all offline physical stores in the lifestyle, catering, entertainment, and fitness categories, and the merchants that accept QR code payment have one-tenth of all cooperative stores. Food delivery and restaurant reservation services grew very quickly and soon became the leader of the U.S. market in both segments.

If life services are nothing, the Airbnb model has become Yahoo yelp's brightest star project.

To see how popular a project is, it's good to learn from the opposition voices, which have contributed to Uber's $30 billion market capitalization, along with Lyft's $5 billion market capitalization. The huge influence of disruptive innovation has undoubtedly caused Airbnb to be blamed a lot, such as security issues, compared to the security of regular hotels, Airbnb has congenital shortcomings, and no one knows what kind of renters and renters are. Even with the evidence of social network friends, Airbnb continues to optimize the audit and certification system, and vicious cases still come out. A tenant killed the landlord because of a dispute. For example, unfair competition, Airbnb hosts do not have a business license and do not pay taxes, while employees in the hotel industry need to pay taxes, and this tax is the beginning of unfairness. Fortunately, Yelp's promotion of formal hotel booking services has eased the conflict between the two sides a little.

In addition to these two star projects, Yelp also has some projects that are not so well-known. For example, crowdfunding, craft e-commerce Etsy, car, train, plane ticket purchase, etc. Take a hundred plating to read the latest chapter of "The Rebirth of the Post-80s Legend Claw Book House" for free for the first time.