is also a woman, and before entering the conference room, she briefly visited the company's Josie, but her thoughts were completely different from Xu's mother.

The scale of dozens of people is indeed not large, but the development potential is not small.

With a more American mindset, she never thinks that work requires seniority and age, on the contrary, youth represents infinite possibilities, the most energetic thinking, the most fighting spirit, and the fastest understanding and acceptance of the latest ideas and technologies.

These are the advantages that young people have, and they are also the most needed qualities for emerging industries such as the Internet.

In fact, today's giants in the Internet industry, such as Google and Yahoo, were not all created by young people when they were first created.

In addition, it can also be seen from the most direct data that Facebook, which has nearly 10 million users today, has basically occupied a dominant position in the area of online social networking, and it is far from ushering in a bottleneck of development.

Such an advantage is enough to face all kinds of competition and pressure, even if Yahoo, Google and other industry giants are not afraid to end up in person.

Because those giants can't fully devote themselves to socializing, at most they have some tentacles extended. Now Facebook, which has a certain foundation, can withstand and even continue to expand its advantages in the field of social networking.

Of course, this has to ensure that Facebook itself does not make major strategic mistakes, and companies that have not grown often do not have many opportunities for trial and error.

Retracting his thoughts, Tang Jun, Josie and others represented Gu Heng as the largest individual shareholder of Facebook and officially attended the financing meeting.

Next, let's look at a set of data!

Facebook's current shareholding.

Gu Heng personally holds 30% of the shares.

Xu Tingting holds 18.75% of the shares.

Zuckerberg's entrepreneurial team, which he joined later, held 25% of the shares, because after the merger and reorganization, some members of his team withdrew, and now this team member has been reduced by half, leaving only four people, and Zucker and other four people at that time absorbed the shares of those who withdrew at a very low price.

In the end, Zach personally held 14 percent of the shares, and the other three held a total of 11 percent.

The rest, as a reward and attraction for high-end talent, shrank to eight percent with the merger of Zack's team.

The remaining 18.75 percent of the shares are in the hands of the partner team formed by Xu Tingting.

Among them, Gu Heng and Xu Tingting together hold five votes on the board of directors, Zuckerberg's team was promoted from two votes at the beginning to three votes in a later meeting, and the remaining two votes are in Xu Tingting's partner team.

The board of directors has a total of 10 votes, and the total number of large and small shareholders is more than 10, and if the financing is carried out this time, the board of directors will be expanded again.

The over-diversification of equity is one of the drawbacks of Facebook.

Although there are various treaty constraints, such as the withdrawal of board members, there is a time limit, and the company has the right of first refusal to buy back its shares.

But it cannot be denied that the cohesion of Facebook is far less than that of Hengchuang, which has the absolute right to speak.

After all, Facebook is now a combination of two teams.

Not to mention, the two who are the largest shareholders. Gu Heng and Xu Tingting, one is Chinese, the other is Chinese, in the United States lacks enough foundation and appeal, in this case, it is likely that there will be internal power struggles in the future, and even a good hand of cards may be played sparsely due to infighting.

In the market, it is never wise to rely on trust and loyalty to maintain one's own interests, and the best way is to negotiate a contract.

Thus, after the official opening of the meeting. Tang, who attended as a representative of the major shareholder, chose a negotiation strategy that took the lead in the negotiation.

"When discussing the financing plan, I felt that this board meeting should first discuss another issue, which is how to protect the rights and interests of our major shareholders from being infringed upon in the future.

If this cannot be guaranteed in the form of a contract, then we, as the largest individual shareholder of Facebook, request the execution of the contract project, and have the right to lead the investment in this financing process. ”

The implication is that Gu Heng can appropriately reduce his shareholding for the long-term development of Facebook, and will not interfere with the specific operation of the company as a shareholder. But there is a premise, that is, it must be guaranteed that when the fruit is harvested in the future, it will not be kicked out.

This point was finalized by Gu Heng after a brief discussion with Tang Jun and Josie, and it was a prerequisite that must be met before a specific financing resolution could be reached.

At the beginning, Gu Heng invested several million, because Xu Tingting and Gu Heng owned more than half of the shares, and they never thought that Facebook could rise so quickly in a short period of time, so in some contract terms, the draft was relatively rough.

Now, with the expansion of the plate and the gradual revelation of interests, if you don't take the opportunity to clarify some rights and interests, in the future, when the two people's right to speak gradually becomes smaller, the initiative will also fall step by step.

To put it simply, on the current Facebook board of directors, Gu Heng is still the largest shareholder, enjoys certain authority, and Facebook is in a relatively fragile development period, so it can't withstand too much tossing, and it doesn't have the capital and qualifications to turn around. And the longer it drags on, even if there is Xu Tingting's guarantee, it is inevitable that she will not be calculated and liquidated in advance.

Just like Ali in the previous life, Alipay was incubated with the help of the Taobao platform, but when it really grew up, Ma Yun split it up, and Yahoo and SoftBank, as major shareholders, lost the opportunity to share this cake.

Of course, this is not in line with the spirit of the contract, even if it is a lawsuit, it can be won, but in the end, it is a compromise.

There are two reasons for this, one is that if SoftBank and Yahoo still hold the largest stake in Alipay, Alipay will not be able to obtain a payment license according to the policy that foreign holdings cannot obtain a payment license.

Without a license, Alipay can only be cool.

Without Alipay, in turn, it will have a huge impact on Alibaba's Taobao and other businesses, and the investments of SoftBank and Yahoo will naturally suffer huge losses.

Second, Ma Yun proposed a compensation mechanism to ensure that after Ant Financial went public, more than 30% of its market value would be compensated to the two major shareholders in the form of funds. The minimum is not less than $2 billion, and the maximum is not more than $6 billion.

For the sake of profit, Yahoo and SoftBank have to accept the status quo. Although the compensation agreement was obtained, compared with Ant Financial's future achievements, the maximum compensation is only 6 billion US dollars, which is obviously a big loss.

As a Chinese, Gu Heng appreciates Ma Yun's decision to seize the opportunity to kick SoftBank and Yahoo out of Alipay, but it violates the spirit of the contract and is not worth advocating in terms of business.

Now investing in the United States, Gu Heng obviously does not want to be damaged in the distribution of important interests in the future like SoftBank and Yahoo.

Therefore, it is wisest to set the rules early and reach an agreement that is acceptable to both parties and will be costly to break it.

When Tang Jun made this proposal, the small conference room fell into a brief silence.

Those guys from the United States didn't seem to expect that Tang Jun would put forward the plan for the distribution of benefits so bluntly at the meeting.

Don't they all say that the Chinese are very subtle and euphemistic?

However, after the silence, the problem that needs to be solved has to be solved. As Gu Heng and the others talked about in advance, the current Facebook, the wings are not hard enough, even if you see the gradually clear development prospects of Facebook, you have a little Jiujiu in your heart, and you don't have the capital to turn your face.

"I don't know, what does Mr. Tang propose?"

In the end, Xu Tingting, who had already passed the breath with Gu Heng and discussed a double reed, took the lead in breaking the silence. It's just a look, but it sweeps over Josie intentionally or unintentionally.

A meeting that lasted a whole afternoon before it was finalized.

In the end, several agreements were reached:

First, Facebook implements a partnership system with weighted voting rights, and the board of directors finally adopts a five-vote system, with the elected chairman of the board of directors holding two votes and the remaining shareholders having a total of three votes.

Of the five votes, Xu Tingting has two votes as the chairman of the board of directors.

Among the other three votes, Gu Heng, who holds 30% of the shares, has only one vote, and Zuckerberg and another shareholder each have one vote.

This resolution was fought for by Xu Tingting, well, from Tang Jun.

It was a small victory for 30 percent of the shareholders to end up with only one vote, further weakening their influence.

Xu Tingting also took this opportunity to express her personal "position", and argued with Tang Jun, so that the entrepreneurial team saw her "interest" tendency, and she still firmly held the position of chairman of the board of directors because of the many exquisite strategies she had put forward for the company's development.

Zuckerberg, who is in charge of project operations and is responsible for matching the financing intentions, has established his second seat. If Xu Tingting makes a major mistake in a certain strategic deployment in the future, he is the most likely candidate to take the position.

Article 2: Gu Heng no longer enjoys the right to lead the investment in his future financing intentions. And for the development of the company, when the company has sufficient funds in the future, it can repurchase a part of the equity from Gu Heng.

But at the same time, Gu Heng has the right to retain no less than 10% of the equity of the company before it goes public.

Article 3: Gu Heng will send a financial representative to the company, but will not interfere in the specific operation of the company, and will only be responsible for the supervision of the accounts.

After the three major items were determined and the remaining details were finalized, Tang Juncai said that the next financing meeting could be carried out.

Due to time constraints, the meeting was postponed to the next day.