When John Doerr returned to San Francisco, the first thing he did was to notify HR to terminate his contract with Herbert.

And the second thing is to pick up the phone and find Steve Case.

"Steve, you seem to know that Chinese guy named Zack?" asked John Doerr unceremoniously.

Steve Keys respects John Durr very much, and AOL has been able to develop to this day with the help of John Durr, hearing Dur suddenly ask about Zhang Chen, Steve Keys smiled: "Yes, John, I have dealt with him twice." ”

Durr muttered, "You help me make an appointment with him, I want to talk to him as soon as possible." ”

Steve Keys smiled lowly: "He is from Huaxia, he should not be in the United States now, I will try to contact him, what do you have to do with him? I remind you, this kid is very difficult to deal with." ”

John Doerr has no ill feelings towards Zhang Chen, business belongs to business, and it is a matter of the eight immortals crossing the sea to show their abilities. He looked for Zhang Chen to seek cooperation from Amazon.

Durr recounted the story, and Steve Keys giggled and said, "That's the kid's style, like a lone wolf, biting hard where you can't see." I really didn't expect him to come back again. I'm going to call him right now, and it just so happens that I have something to look for him. ”

John Doerr has always been so resolute: "Better hurry, I hope to see him today." ”

Steve Keys hung up the phone, thought about it, and dialed Zhang Chen.

After Zhang Chen returned to San Francisco, he arranged a management meeting of the fire source.

In addition to Milla Rodridge, who had seen Zhang Chen at the airport, because the team in the United States was all formed by Frankfen and Tang Miaomiao and Su Zhuorui, these people were the first time to meet the real boss.

Zhang Chen first listened to Bellankefen's report, the current organizational structure of Tinder Source is not perfect, and the requirements for employees' ability to specialize in one specialty and multiple abilities are relatively high, and correspondingly, there is no way to be too professional.

But as the business grows, especially with investments in Ebay, Amazon, BackRub (google), and several startups, Tinder's support team has to keep up.

In this regard, Frankfen's suggestion is to introduce GPs, he believes that the development of the source of fire to the current extent, if you want to expand the market, you must introduce a partnership system, otherwise it is difficult to become a professional venture capital firm.

Zhang Chen was noncommittal about this, and Belrankefen had no choice but to continue to introduce the current financial situation of Tinder.

As Tang Miaomiao said, judging from the financial report, Huoxinyuan's current debt ratio is extremely high, although it has raised 50 million US dollars through the issuance of bonds, plus the 26 million US dollars raised by Frank Kefen from Goldman Sachs, the company's cash flow is still abundant, but the debt ratio of more than 100% has seriously affected the follow-up financing of Huoxinyuan.

Since there is only one shareholder Zhang Chen, and Bellankefen, as the CEO, enjoys a certain percentage of options, and the source of funds is too single, it is difficult to obtain follow-up financing like other investment companies when the asset-liability ratio exceeds 100%.

Blancfin patiently persuaded: "Boss, the current valuation of ICQ has greatly exceeded our expectations, and from the perspective of risk aversion, we should also sell some shares to return to blood." Steve Keys has been in contact with me and Ms. Tong a few times, and with bids of up to $120 million, I think it's the right time to sell the remaining shares of ICQ. ”

Frankfinn is right that any VC would make the same choice.

Selling ICQ is also Zhang Chen's decision, but he will never sell his 29.8% stake in ICQ for 120 million.

What are you kidding, even in a previous life, AOL paid $440 million, which is recognized as a big bargain.

And a madman like Case can even spend $1 billion to buy a little-known advertising company, just because he thinks the advertising business in the hands of this company can enrich AOL's advertising category.

If you can't slash a Kaizi like Steve Case, Zhang Chen looks down on himself.

Keith, Kayzi.

Throughout '96, AOL's stock rose sharply, by the end of the year, AOL's market value exceeded $10 billion, and after the acquisition of ICQ in '98, AOL's stock price rose all the way, reaching an ultra-high market value of $170 billion at its peak, which was higher than the combined market value of Boeing and General Motors.

Zhang Chen knows better than anyone that AOL currently accounts for 40% of the ISP market and has more than five million paying Internet users. But until today, AOL has not launched an IM tool that can compete with ICQ.

AOL launched its own AIM chat tool two months ago, but the number of downloads is so low that almost no one uses it.

If competitors such as NetZero preemptively acquire ICQ, it will not only affect AOL's revenue in content services, but even impact his fundamental business, ISP.

Therefore, even if he wants to sell, he must at least sell it for more than 200 million US dollars, and if he waits for another year, Zhang Chen is confident that he will sell another 100 million.

One billion US dollars, this is Zhang Chen's valuation of ICQ in a year.

Frankfen was still trying to persuade Zhang Chen, and Zhang Chen was about to interrupt Frankfen's generous statement when his mobile phone rang.

Zhang Chen said sorry to everyone present, picked up the phone and looked at it, saying that Cao Cao Cao was Steve Case.

"Boy, I heard you're in the United States again. Keith's hoarse voice came from the other end of the phone.

Zhang Chen walked out of the conference room, "Steve, you're still so well-informed." ”

Keith Quack laughed twice: "There are two things, the first is that I want to tell you, I have already negotiated with those Jewish boys to buy all the ICQ shares in their hands for 130 million US dollars, and I am about to sign an agreement with them, you don't regret it." ”

Zhang Chen said calmly: "Steve, you are really cunning, but it is useless, if they want to transfer the shares in their hands, they need to obtain at least 66% of the shareholders' approval, Sequoia and I have retained this part of the voting rights, it's a pity." ”

Steve Keyes muttered, "Damn, I knew I was going to find you tough little imp, okay, give you a lion a chance to open his mouth, you make conditions." ”

Zhang Chen laughed: "Steve, let's stop playing tricks, you and I both know that by the end of next year at the latest, as long as ICQ's Series B financing is completed, the valuation will exceed one billion US dollars." If I pinch the shares in my hand for another year, I can double them, do you think I will sell them?"

Steve Keys exclaimed, "You want $300 million!? You're even crazier than I am!

Zhang Chen sneered, "Steve, don't be coy. Now the number of users of ICQ has surpassed AOL, becoming the first social platform on the Internet. Yes, the platform, ICQ will be more than just a software, the ultimate goal is to be platform, and directly compete with your AOL. ”

(End of chapter)