God is infallible, and if a person never makes mistakes, he will be lifted up to the altar by those around him.

The refusal to sell Yahoo to AOL eventually became Yahoo's online myth, the world's second profitable Internet company to make Yahoo's stock price soar, and the $50 million investment in SOHU in exchange for a return ...... worth at least $3 billion.

This wise and martial decision easily made Yang Zhiyuan, the founder and spiritual leader of Yahoo, be pushed to the altar by partners, employees, and directors. When the acquisition was about to succeed, Yang Zhiyuan, who had been supporting the acquisition led by CEO Tim and competing with AOL, suddenly exposed the false appearance of 'Internet traffic is king'. Not only did he recover $5.7 billion in losses for Yahoo, but he also put a huge burden of $5.4 billion on his competitor AOL, which made him a god, and CEO Tim became his mouthpiece.

God is infallible.

In other words, before Yang Zhiyuan made a major mistake, even the major shareholders SoftBank and Goldman Sachs would raise their hands and feet to support his proposal, not to mention other board members. When Yang gathered the directors together to announce his proposal, all ten directors without exception began to get excited.

HH has a good future, and it's really worth investing in, but if you value an electronics company with a monthly profit of less than $6.2 million, plus a music website that has been losing money so far, at least $100?

That's right, it's worth at least $10 billion, or even more! On behalf of Wall Street directors, which one is easy to deal with? They may not be proficient in entrepreneurship, development, management, and so on, but investment is definitely their strong point.

The great Jerry explained very clearly that with the rapid development of the Internet, the traditional record industry will transform to digital music, and the bundled sales of iPods and iTunes/Store websites will make them the first choice for major record companies to sell music online and consumers to buy digital music without strong competitors. High-tech is a winner-takes-all, just like after Microsoft monopolized the operating system market, other operating system companies struggled.

Everyone can see this trend, otherwise they would not support the company to fight with AOL, let alone after Yang Zhiyuan exposed the false appearance of 'Internet traffic is king', everyone supported Tim to continue to negotiate with those companies with traffic. Why? It's just that I want AOL to continue to snap up those websites with traffic and no prospects, and finally hold AOL alive, so that Yahoo can truly become the king of the Internet!

Bathed in the admiring gaze of the directors, Yang Zhiyuan, who was explaining the acquisition proposal, was very proud.

The stones of other mountains can be used to attack jade.

Extremely high IQ, talented but no social experience, indecisive, these are Yang Zhiyuan's shortcomings. But he met Li Jiaming, who has an average IQ, but has rich social experience, is calculating, and good at fighting. Not to mention that Yang Zhiyuan, who has mastered Li Jiaming's tricks and methods, and is good at learning, at least knows the crude struggle theory of 'wolves eat meat, dogs eat'.

In terms of operation and content provision, if it is temporarily unable to compete with AOL, then on the one hand, let the other party go to the baggage, and the company will open up other fields, and then use the overall advantage to crush it after the other party shows its decline.

"Scott, I would like to show you a comparison of the performance of the global record industry in the past five years. ”

The marketing director who attended the meeting immediately showed the sales of major record companies in recent years on the projector, which made the ten directors even more excited.

What does the plummeting performance indicate?

It shows that Internet piracy has a growing impact on the traditional record industry, and the time has come for digital music to replace traditional records!

The record industry is a huge profit, and the biggest expense besides royalties is sales expenses, which often account for about 40% of profits. If this information is accurate, no, this information will not be wrong, if even the performance of the listed company will be wrong, the people in the marketing department and the finance department can all be fired.

Then, this means that if Yahoo helps iTunes \/Store monopolize this market, it will create more than 2 billion revenue per year, and the profit will be at least more than 600 million. What's even more wonderful is that the iPod is also a dominant force, and it is also very likely to become the hegemon in the field of digital music players. By virtue of its investment in HH Company, Yahoo was able to gain a surge in strength again and begin to close the strength gap with AOL!

The ten directors were all excited, but Yang Zhiyuan, who had investigated the situation clearly, shook his head, things were not as simple as they imagined.

"Gentlemen, the company is not the owner of the iPod, its real asset is iTunes\/D is a product of Huaguo Hanhua Electronic Technology Co., Ltd., and it is only sold in the name and channel of HH company. In other words, iPods are actually developed and produced in China, and then sold under American brands and channels. Even the iPod trademark belongs to the investment company 'LJ' in New York, which we have confirmed, that is, an investment company controlled by an offshore company. ”

The directors immediately realized that this was to avoid giving consumers the impression that their iPods were cheap and inferior to the Chinese brand, and to sell Chinese electronic products under the skin of the United States, which was conducive to their rapid establishment of brand image.

Who would have too many interests, and a director immediately asked, "Jerry, then we can only invest in iTunes\/Store?"

Although Li Jiaming promised a price-earnings ratio of 100 times, Yang Zhiyuan would not and could not believe that the verbal promise did not fall on paper, and the other party had countless excuses to break the contract. If Yahoo hadn't allowed iTunes to monopolize the online music market as quickly as possible, he wouldn't have been sure to let Li Jiaming accept financing.

Li Jiaming's kid is too yin, and he makes HH's equity structure like a maze, which shows how suspicious he is, jia, lijia, if he is not Chinese, it is really difficult to know what it means to be the 'Li family'.

"No, the other party agreed to transfer the shares of HH's parent company, but the specific price needs to be negotiated, and the other party demanded 30% of Backrub's shares, and at the same time restricted Yahoo's shareholding to no more than 30%, so as to ensure the independence of Backrub. There is also an additional condition, the other party is asking for a one-time injection, not a segmented injection. ”

It doesn't matter, the backrub is not worth much, don't look at Sequoia's investment of 5 million US dollars, with a valuation of 25 million, but you can buy it for 50 million at most. But HH has a relationship with SOHU, and SOHU is the parent company of SOGO, so the stakes in this have to be analyzed clearly.

"Jerry, what about your decision?"

The CEO sat there, and none of the directors asked him what he thought, but bypassed him to ask the chairman, which shows how much influence Yang Zhiyuan has in Yahoo, which is also in the sky.

Li Jiaming's butterfly fanned out the wind finally evolved into a typhoon, because he preemptively discovered the Internet profit model, and because of Ma Yun, Yang Zhiyuan successfully invested in SOHU, so that Yahoo obtained jaw-dropping returns. Internet traffic is king's thesis, so that Yang Zhiyuan persuaded the board of directors with a strong reason to stop the acquisition of Yahoo in time; what is even more unexpected is that under the influence of the aggressive Li Jiaming, Yang Zhiyuan, who was originally indecisive, actually began to take the initiative to fight, and began to dig a hole for the AOL who was stronger than Yahoo .......

The final result is that Yang Zhiyuan has changed from the founder and spiritual leader of Yahoo to a god, and it is the board of directors and everyone, including CEO Tim, who took the initiative to carry him to the altar.