In less than 5 minutes, perhaps because they thought of the reaction seen by the outsiders or had reached an agreement, several bigwigs inside were quiet at this time, and then they started talking and laughing again.

After a while, Michael Moretz ran out of the conference room, obviously, this errand work can only be him, think about how many of them are the bosses of the company, only he is the second-generation core, and he is still cultivating, who else but him.

"Okay, guys, a few of them have been discussed, and the results have been achieved, and this investment is the fastest investment plan I've ever seen, and Yahoo is the first to do so. ”

"Oh, that's for the best, we all want a good outcome, don't we?" Yang Zhiyuan replied with a smile.

"Michael, why did you come out to do errands?" At this time, Li Feng joked on the side.

"Haha..."

Sure enough, hearing Li Feng's joke and looking at Michael Moretz's helpless and speechless appearance for a while, several people burst into laughter, and then everyone entered the small conference room again.

......

"Welcome back, lads, you can say that you are lucky guys, and we agree in principle to your financing plan. ”

Hearing the words of Intel President Andy Grove, Yang Zhiyuan and the others were excited.

"Okay, boys, I'm not done yet, in principle we agree to your financing plan, but we still have a bit of a disagreement on the equity allocation and the current valuation of Yahoo, so we still need to negotiate with you.

First of all, the first point is that the valuation of 500 million is indeed crazy, and our valuation is 350 million.

The second point is that 20% is too low, and we want to be able to have more shares, at least 30%.

Finally, if the financing is successful, we will do our best to help Yahoo rise the Internet and make Yahoo an Internet upstart.

Alright, boys, you guys have a good discussion. After saying that, he took the lead and walked out of the conference room.

Well, this time it was the turn of a group of bigwigs to walk out of the conference room, and Li Feng and the others in the conference room looked at each other.

......

"350 million is too low, and the shares can't be too much, if there are too many in the first round, when the second round comes, who knows what the situation will be, maybe after two rounds of financing, our company will not belong to us.

If it is true that there are too many shares, then we need to stipulate that some shares only have the right to dividends, not voting rights, and we must ensure that we control Yahoo.

We don't want to be the "second to Apple Jobs" and be driven away.

Also, you listen to their 2 points, in fact, they obviously have to talk about valuation, in fact, they value shares more, I guess they want our shares to be divided more, this is their purpose. ”

Li Feng first put forward his own idea, after all, the later generations have seen too much, and the founders of many companies have been forced to leave the company.

......

As Li Feng's words fell, Yang Zhiyuan and others also echoed it, feeling that what Li Feng said made sense, and Yang Zhiyuan and others at this time were not the time to become famous later, and then everyone began to set various conditions for such a plan.

In fact, as long as there is a general framework, the conditions are easy to set, and the most feared thing is not to think of it, so several people quickly said a few requirements and reached an agreement.

Later, Yang Zhiyuan waited until Yahoo went public, and soon withdrew from Yahoo's management, on the one hand, it is estimated that because there must be contradictions within the board of directors, Yang Zhiyuan can no longer control the power, and on the other hand, it is also related to the corporate culture atmosphere in Silicon Valley.

Many business founders have cashed out a lot of money after the success of the company, and they have transformed into venture capitalists, and the company is managed by professional managers.

Some of the most famous include Netscape founders, Yahoo founders, etc., all of whom have set up their own venture capital firms in Silicon Valley.

Of course, there are also people who are smarter and set various conditions in the financing process, such as Google and FB.

The founders of the two companies set smart conditions in the financing process, so that the two companies were firmly in control. Even if the founders don't have many shares in their hands. But in the board of directors has the greatest voice.

And Li Feng's proposal is to emulate the two companies in later generations and let the control of the company be in the hands of a few of his own people.

......

Sure enough, Li Feng watched the next verbal swords, mainly Yang Zhiyuan and Tim.

On the one hand, I want the valuation to decrease and the shares to increase, and on the other hand, I want the valuation to remain the same, and the shares are divided as little as possible, so it is not lively.

In the end, an agreement was reached on the valuation, according to the valuation of 400 million, and then there was the issue of shares.

On the one hand, at least 30% of the shares were taken, Yang Zhiyuan and others felt that it was too much, and they were only willing to give up 20% of the shares, and finally Yang Zhiyuan raised the issue of share voting rights and options, promising that 20% belonged to voting rights, and 10% had no voting rights before reaching an agreement to raise 100 million.

A little extra shares, but Yang Zhiyuan and David Ferro took out an additional 2.5% of each of their shares, cashing out 10 million each, ready to improve their lives.

After all, the two were students before, and life was still very difficult. At the same time, it is determined that this share also has no voting rights.

For this 2.5 shares, it was finally acquired by Silicon Valley Venture Capital Gemini KPCB and Sequoia Capital.

Of course, Li Feng, who is familiar with history, is reluctant to cash out, and it is a big deal to find a bank loan, this is Li Feng's psychology.

......

In the end, each of the five investment companies contributed 20 million, each with 5% shares, of which 4% were voting shares. KPCB and Sequoia Capital received a 7.5% stake. paid an additional 10 million to Yang Zhiyuan and David Ferro.

Li Feng was diluted to 15%, Zach to 3.5%, Yang Zhiyuan to 27.5%, and David to 24%.

After the finalization was finalized, Zach drafted the financing documents on behalf of Yahoo and a group of legal representatives of venture capital, Yang Zhiyuan on behalf of Yahoo, and several other bigwigs signed on behalf of each venture capital, promising that $100 million would arrive within three days.

At the same time, it will send personnel to Yahoo's board of directors and promise to help Yahoo grow and develop.

For example, AOL promised to help Yahoo build a personal free mailbox, and the rest will help Yahoo in human resources and technical talents, which is one of the reasons why Yahoo values it most.

Yahoo financing officially ended with the signing of the two parties, and everyone applauded. As the applause in the small conference room began, the crowd in the garage outside also cheered, especially the employees inside Yahoo.

......

As everyone walked out of the conference room, everyone in the garage stood up and looked at the group. Yang Zhiyuan walked to the front at this time.

"Guys, now I announce that the company is valued at $400 million, raising $120 million, including $100 million in company development funds and $20 million in cash, and the agreement is officially reached. ”

As soon as Yang Zhiyuan's words fell, everyone cheered.

"At the same time, I sat down with each Yahoo employee, speaking of which, exactly 10 employees, after several founders' discussions, took out 4%, and each person got 0.4 percentage points, although it is not much, but I hope you will be considerate and able to continue to work hard. ”

This is the result of the previous discussion, a total of 5 points were taken, Tim won 1 point, and the remaining 4 points were divided equally between each person. Originally, he wanted to wait until the next financing to divide it, but Li Feng thought that if the next time it was not financing, but listing financing, it would still be necessary to allocate equity now.

Sure enough, with Yang Zhiyuan's announcement, the remaining 10 people in Yahoo all cheered and screamed, no way, according to the current valuation, it is more than 1 million, and I believe it will be more valuable in the future, everyone is very sure in their hearts.

Similarly, the little Rolls of those companies were also envious when they saw those employees of Yahoo.

......

Of the 5 points of shares, Li Feng took out 1 point, and Yang Zhiyuan and David each had 2 points, which was proposed by Yang Zhiyuan.

Therefore, in the end, Li Feng still has 14%, Yang Zhiyuan 25.5%, David 22%, Zach is still unchanged 3.5%, employee shareholding is 5%, and venture capital is 30%.

After Yang Zhiyuan cheered, a big banner was put on the Yahoo website, so that everyone on the Yahoo website could see it.

"Congratulations to Yahoo on the successful completion of its first round of financing, with a valuation of $400 million and a financing of $120 million, Yahoo will get better and better!!"

Similarly, with the hanging of the banner, the information of Yahoo's financing instantly spread, and Yahoo became famous all over the United States.