Hearing Viggs' request, Moretz smiled: "Just now you mentioned that the three of you own 60% of the shares, and the other 40% is in Zack's hands. For equity dilution, is it a dilution of both of your equity, or is it only a 60% dilution of your equity?"

Viggs said without hesitation: "Of course, all of them, we will dilute them in proportion." ”

Moretz stared at Viggs and said: "Can you show me the specific content of your previous share investment agreement, you know, not all of your shareholders are present now, and I must make it clear about the rights part of the shares." ”

Moretz's request was so reasonable that any venture capital firm would make the same request, and Viggs readily agreed.

Moretz took the dozen pages thick share investment agreement, carefully reviewed it, took off his glasses, and rubbed the bridge of his nose, "Mr. Viggs, it's a pity that if you can't get Zack's authorization, even if Sequoia is willing to invest in you, you can only dilute your own equity." ”

Viggs was stunned: "Why?"

Moretz pointed to a place in the agreement: "Zack transfers to you only the policy voting rights in the day-to-day management of the company, not all rights, and he retains the right to transfer shares and the right to sign separately, in which case you have no right to make dilution decisions on behalf of Zack." ”

"That is, if you want to exchange 20% of the equity for $15 million in investment, you must either get Zack's signature authorization first, or the three of you will transfer a total of 20% of the shares to us. ”

"And, based on what you've just said, it's hard for me to believe that ICQ's valuation will exceed $75 million before the Series B round of funding, and it won't be able to get enough profit points in the mass consumer market, and there is no story, which is the most fatal problem. At the moment, we don't value ICQ at more than $35 million, or $7 million, 20% of the shares. That's a good number. ”

Viggs was a little frustrated, but still struggled: "Sir, I think Zack will agree to this financing plan, and since ICQ does not have a mass market profit model now, it does not mean that there will be no in the future." ”

Moretz laughed: "Viggs, Sequoia Capital's investment strategy is very simple, my teacher Don Valentine is an investment wizard, he once said: 'Bet on the track, not the racer.'" My investment strategy is one that puts people first. ”

"The world is not the same now as it was 20 years ago, and the track is important, but it's the riders who can't be ignored. Through the communication with you just now, although you occupy the first position in the instant messaging market, your operational ideas do not seem to be clear enough. If there are similar competitors, I think you will have a big crisis. Sorry, that's what I have to point out. And your attitude towards investors also makes me feel unfriendly, so I'm sorry, even if it's a $7 million investment, we still have to think about it carefully. ”

Viggs opened his mouth, but he didn't say anything, only a bitter feeling in his mouth.

Goldfinger watched coldly, sighed in his heart, but still didn't say anything. He knew that Viggs's character was originally very conceited, and if Zhang Chen's question was mentioned again at this time, Viggs would definitely be annoyed and angry.

Moretz softened his tone: "I can give you three more days, you guys take care of your thoughts, and I'm going to New York in three days." So, before that, you have to give me a complete business plan and a feasible plan. ”

Looking at the dejected Viggs, Moretz shook his head, walked out of the ICQ residence, and got into his Mercedes-Benz S600.

Viggs suddenly became furious: "We were all deceived by that kid!"

Goldfinger persuaded: "Viggs, Zack reminded us that there was a similar clause in the agreement, but we didn't pay attention. ”

Viggs said angrily: "If you had been vigilant at the beginning, how could we have been fooled like this!"

Goldfinger and Wadi changed color: "Viggs, it was you who decided to accept Zack's investment. Also, I reminded you that you don't agree to discuss the Sequoia matter with Zack. ”

Goldfinger felt that he was really fed up, and Viggs was always like this, blaming others every time something went wrong, and never reflecting on himself. The failure to find financing in Los Angeles before was also because of his problems, but he put all the blame on others.

Seeing Wadi with an angry face, Viggs restrained a little, Wadi is usually the one who talks the least, and his mind is on the procedure, and now even Wadi is beginning to be dissatisfied with him, which makes Viggs both aggrieved and afraid.

It occurred to Viggs that he currently only had a 20% stake in ICQ, and if Goldfinger and Wadi joined forces, they could completely squeeze him out.

Viggs put on a forced smile, "I'm sorry, I was wrong, I didn't mean that." ”

Goldfinger's face softened: "Viggs, Moretz said that we have a problem with our attitude towards investors, and I guess we are talking about excluding Zack, so we can't delay it any longer, we must tell Zack about Sequoia and discuss it with him." ”

Viggs said helplessly: "Okay, you can contact him." ”

Goldfinger glanced at Viggs and turned to leave.

"What's wrong?" Su Zhuorui, who was driving, asked curiously when he saw Zhang Chen, who was in the co-pilot, with a smile on his face after answering the phone.

Tang Miaomiao was teasing Simba in the back seat, and by the way, they named the kitten Simba, a name that didn't come to mind.

Zhang Chen smiled and said: "It's nothing, Sequoia is in contact with ICQ, hoping to do venture capital." ”

Su Zhuorui perked up: "It's a good thing, how much are they going to come up with?"

Zhang Chen said calmly: "It doesn't matter how much they come out, listening to what Goldfinger meant, Viggs seems to want to get rid of us and talk to Sequoia alone, but it didn't work." ”

Su Zhuorui was surprised: "How can he do this? Although you gave up some of your voting rights to them, you should also let them know." ”

Zhang Chen said with a smile: "It's okay, I have reserved the right to negotiate separately and the right to retain the equity, he can't dilute my shares without my consent, it is estimated that Sequoia also found out about this in the morning, so the negotiation ended without a hitch." Ocassi reminded me of these two points, so finding a good lawyer is the most important thing. ”

Su Zhuorui was still indignant, "This Viggs is too much of a thing, he was desperate at the time, you helped him, and now he wants to get rid of you." ”

Zhang Chen stretched his waist, saw Tang Miaomiao looking at him tenderly with Simba in his arms from the rearview mirror, squeezed his eyes quickly in the rearview mirror, and continued: "It's normal, after all, this round of financing is almost at the level of tens of millions of dollars, and the valuation has reached 100 million dollars so quickly, the temptation is too great." ”

Su Zhuorui was taken aback, didn't pay attention to a small pothole on the road, and rolled over directly, and the car jerked up. Simba snorted dissatisfiedly in the back, and Su Zhuorui hurriedly focused on looking at the road, but still said: "The valuation is over 100 million US dollars? Is it so exaggerated? Isn't it just a small piece of software? It's not complicated." ”