"Selling Quora at this point in time is the right thing to do, and the whole of Silicon Valley and even the Nasdaq are in a very bad state.

A large number of businesses that are not worth such a high price have been inexplicably blown to this point, and it is hard to imagine when the whole bubble will burst.

For example, B2B's first commerce revenue is only $33 million, but the market value is more than $10 billion, such an unreasonable phenomenon pervades the entire Nasdaq.

You are often thought to be the best product manager, but in fact you have an excellent business acumen.

It's just that the only thing I don't understand is why you'd sell Quora instead of Riot Games.

Quora's actual value is significantly higher than Riot Games.

If I'm a guy and I sell both of them together, only sell one and run one listing, that's also running Quora listing and selling Riot Games.

This is what I don't understand. ”

Zhou Xin knows that he is definitely not the only one who thinks that the NASDAQ is full of bubbles, he has a God's perspective, and Silicon Valley and Wall Street have never lacked smart people.

What surprised him was that this was the first time Pierre and he had met, and the other party should also understand the taboo of talking about it.

Zhou Xin replied quietly: "I also think that the NASDAQ gives me the feeling of bubbles, but I don't know the specific bubble situation."

The company under my name is not listed, the valuation given to me by Riot Games Goldman Sachs is not high, and I don't buy Nasdaq stock, so I don't know the specifics of the bubble.

However, I think that selling Quora has little to do with the bubble, but I don't think Quora and what I want to do in the future are very much overlapped, and my energy is limited. ”

Pierre nodded: "It's either luck or strength, I don't believe Newman will rely on luck alone, you can choose to sell at this point in time, obviously you have strength."

As the founder of Ebay, Ebay is the main place where transactions take place, I have seen too many transactions happen on Ebay, and there is no essential difference between transactions on NASDAQ and transactions that occur on Ebay.

One thing can't go up forever, and the Nasdaq can't go up forever.

It seems to me that sooner or later this bubble will burst, the difference is only time.

Quora can be sold before the bubble bursts, and you have no doubt about your business vision.

So are you considering selling NewPay as well? There isn't a lot of cash lying on Ebay's account, but while the bubble hasn't burst yet, Ebay's acquisition of NewPay has been unwinded, and we can solve this problem by raising money.

Or if you accept a stock swap, I can also buy NewPay with Ebay shares, so you don't have to pay income tax. ”

The deal was tax-free, and when AOL bought broadcast, the founders of broadcast took this approach.

Zhou Xin finally understood the other party's intention, and it turned out that he wanted to acquire NewPay. 、

Pierre continued: "If you buy now, Ebay can give you a high price, $5 billion is the bottom line, and $10 billion is not impossible. ”

Pierre is sincere: "In an era when a company with only $33 million in revenue can have a market value of more than $10 billion, NewPay is worth $100 billion in my heart.

But the problem is that Ebay can't afford $100 billion anyway.

$10 billion valuation, think about it, I really want to buy NewPay. ”

Zhou Xin asked: "If I am not mistaken, EBay's current market value is only about 10 billion US dollars, how can you shell out 10 billion US dollars, this is already the price of EBay." ”

Due to the butterfly effect brought about by the protagonist, some data will change from the actual situation.

For example, the first business they talked about was listed on July 1, but here the first business was listed in May, and the stock price soared by 170% on the day of listing.

Pierre: "I'm willing to take a stock swap to merge NewPay, and if you're willing to accept it, you will become EBay's largest shareholder with close to 50% of the shares after the EBay share issuance. ”

Zhou Xin thought to himself, if you were Bezos, I would agree, compared with the development of Amazon in later generations, the development of eBay is quite tepid.

Until 2020, eBay is still alive and well, as a niche e-commerce site, a bit similar to Dangdang.com.

After ebay was spun off from PayPal, the market value was not a quarter of Paypay, and it was a crotch pull.

Zhou Xin is not so familiar with these, but when he was in Ameriken, there were very few people around him who used eBay.

From this point alone, Zhou Xin can judge whether EBay is mixed up well.

"I don't have any intention of selling NewPay at the moment, and for me, NewPay is not for sale."

Pierre has heard too much about the so-called non-sale products, and there are also sellers who will say that their goods are not for sale.

Once this sentence is spoken, the subtext is that you have to add money.

Pierre sighed, in fact, he has always insisted that EBay should be his own payment channel, but it is not powerful, after EBay acquired Billpoint, Billpoint's electronic payment products have made slow progress.

Delayed launch.

Direct competitors, after accessing NewPay, continue to eat into EBay's market share.

EBay has conducted questionnaires and telephone return visits with commercial organizations, among which more than 80% of users who have not used EBay for more than a month have abandoned the biggest reason for EBay not to support NewPay payment.

This reality forced Pierre to accept NewPay as the only payment channel for EBay.

Another payment channel is checks, which have only been used by 20% of customers since NewPay was connected to EBay.

And that number is declining.

Pierre originally thought that Zhou Xin's willingness to sell Quora was a rare opportunity, and since Zhou Xin was willing to sell Quora, then he was willing to sell NewPay.

In Pierre's view, the two are equally valuable.

Pierre shook his head helplessly: "Okay, Newman, you can think about it, and tell me if you change your mind."

Or is NewPay willing to accept investment? EBay acquires a stake in NewPay.

Ten billion dollars, sell a controlling stake to EBay, are you willing? ”

If NewPay didn't have strategic considerations, Zhou Xin really agreed.

But I won't sell it to poor people like EBay, and if I want to sell it, I'll sell it to the banks.

From Wells Fargo, Silicon Valley Bank and even Switzerland's Credit Suisse, they have all approached Zhou Xin from different channels and expressed their desire to acquire NewPay.

Silicon Valley Bank was founded in 1983 and has a long history.

Compared to these banks, EBay is really poor.

Zhou Xin continued to shake his head: "I have no plans to sell NewPay at the moment.

The income from selling Quora is enough for my expenses, and I haven't gotten to the point where I'm going to sell NewPay.

And I also think that there is a bubble in the NASDAQ, and this bubble will burst sooner or later, but when the bubble bursts, it will be blown up again.

Selling Quora was enough money for me to wait until the bubble was blown up again.

In Huaguo's words, it's a cyclical process. ”

Pierre: "EBay wants to invest in NewPay, and we want to be one of the shareholders of NewPay. ”

That's Pierre's bottom line, and if NewPay accepts it, then Billpoint will only be one of the options even after launch.

If NewPay does not accept EBay's investment, then EBay will gradually replace NewPay with Billpoint.

Zhou Xin nodded: "NewPay will notify EBay when it comes to the next round of financing, as for whether EBay can be shortlisted, it depends on the conditions given by EBay." ”

In the first round of financing, Pierre thought about buying shares, but the structure of A/B shares made him hesitate.

Because the logic of corporate investment and institutional investment is completely different, institutions only pursue profits, and they generally do not interfere with the operation of enterprises.

Even if they interfere, they only interfere with where your money goes, and they need to make sure that the money they put in is not spent by the founders on their own food, drink, and entertainment.

The purpose of corporate investment is to match the corporate development strategy, how to match the corporate development strategy with stocks without voting rights?

Even if EBay obtains more than 50% of the A shares, it will not get actual control of NewPay.

This is also an important reason why the Internet companies in the later generations of Huaguo do not have many shares, but they firmly control the control of the enterprise.

After NewPay's A/B share structure was exposed by the Silicon Valley media, Robin Li has been thinking about how to replace the ordinary voting shares in Zhou's new hands with 0.1 voting shares.

It's just that he is still fledgling, and Zhou Xin will categorically refuse to make this kind of request.

Since Baidu became Quora's built-in search engine, with the help of Quora's traffic, Baidu has even caught up in the search engine field and surpassed Google.

Baidu is now one of the top five search engines in the United States.

At this time, the search engine is not only Yahoo and Google, but also some other Internet companies are also doing search engines.

Pierre expressed understanding: "No problem, EBay needs to be on board for the next round of funding.

I'm sure Bezos thinks the same way.

He must also regret it now, why he didn't make a bet on the NewPay Angel Round.

At the time, NewPay was valued at just $1 billion.

Now it is more than ten times more, and even personal investment is a profitable business.

So in retrospect, Quora paid Q&A is simply a miracle hand, not only making Yahoo Q&A look as ridiculous in front of Quora as a child challenging an adult.

It also completely revitalized NewPay.

In chess, this is equivalent to activating the rook, the elephant and the queen in one move.

From that point I need to learn from you, Newman, how would you be interested in coming to EBay as Chief Strategy Officer?

I've got a position for you. ”

Zhou Xin smiled: "Bill also gave me this position, but it's not called this name, he gave me the chief product expert of Microsoft."

From my senses, these two are similar posts.

I refused, mainly because I knew a very narrow area, in fact, I didn't know about operating systems, and I didn't know about online shopping.

When I am asked to take such a position, but I can't make a proposal that matches my position, it makes me feel guilty and feel like I was getting paid for nothing.

So let me grow up a few more years and wait until I think I have the strength to try a different field. ”

Zhou Xin thought to himself, if you want me to give you a perspective on God, this is too cheap.

Today is still two watches, and at the end of the month, ask for a monthly pass!

(End of chapter)