Chapter 1340

In a short time, Robin asked himself in the bottom of his heart countless times.

Why is it that I am a leading scholar in the field of computer science, a pioneer in the field of computer science, and an elite person in my early twenties, who can't even hold on to my original level?

He clearly has 80 points of strength. Even if Li Mu's strength is 8%, he should stick to 80 points of strength at least. Why is his strength affected by him?

This feeling is really depressing. It's like playing a game. The opponent's attack and defense are much stronger than his own. The key is that he also brings his own buff to reduce the enemy's damage and defense. What should I do? Robin is desperate, too!

In fact, Li Mu has long summed up a truth. In negotiations, we must stand on the rolling attitude to destroy the psychological defense of the other side. Even if we are not able to roll, we must also roll on the momentum.

In fact, Robin can say with great backbone: "what's your plan? I'll see you in the Jianghu."

But he dare not, because he has been completely crushed by Li Mu's momentum, he believes in Li Mu's threat, and subjectively believes that Li Mu will do so when the time comes. At the same time, he lacks confidence in himself. If Li Mu spends money to dig people from Baidu and Google, and uses his own resources to do search engines, I'm afraid Baidu will soon be hit in pieces, such as If Li Mu really cooperates with Google, Google should not neglect this world-class Internet tycoon. If Google cooperates with Li Mu, Baidu will probably die

Subconsciously, Robin doesn't think about how he should resist. He just thinks about a question: "Li Mu wants to vote for the status, and if he accepts the status, even if he gets on his boat, it's not a bad thing. Everyone wants to be able to rely on the tree to enjoy the cool, but the key lies in the ticket price of relying on the tree!"

15% of Baidu?

To be honest, it's really high.

Easy to hear technology really does not have such a big development prospect, especially after Li Mu stripped the post bar early.

Baidu's valuation of $120 million is not too high, and the future is very promising. But if it is diluted by 15% at this time, the situation will be too awkward for itself, the team's future voice and capital operation.

Jimmy is also worried. What he is worried about is, if Baidu agrees with Li Mu's request, how to give the 15% shares?

Normally, if the shareholders want to sell 15% of the shares, then all the shareholders need to sell in equal proportion. Dfj now accounts for nearly 23%, if it wants to sell 15%, it needs to take out nearly 3.5% of the shares. Dfj does not want to dilute its shareholding ratio now.

He wanted to talk, but he recoiled at the thought of Li Mu's poisonous tongue.

At this time, Robin said, "Mr. Li, we need to discuss this again."

Li Mu said, "yes, we can go out at any time and leave the meeting room for you to discuss."

Robin nodded. "OK, please give us an hour. Let's discuss it carefully."

Li Mu said, "I have another condition that you can discuss together."

"What's the condition?" Robin asked in a hurry

"In addition to replacing 15% of Baidu's shares with easy to listen technology, I personally want to buy 10% of Baidu's shares in cash. The price can be as you say, 120 million US dollars. I can sell 10% of the shares in cash to me, and also let you, the original shareholders, cash in first."

Speaking of this, Li Mu looked at Robin and said with a smile, "Robin, you haven't had a chance to cash in since you started your business?"

Robin hasn't recovered from Li Mu's 10% lion talk. Hearing Li Mu's question, he nodded subconsciously, "not yet."

How could cash out be so easy?

Capital like de Fengjie is behind them. They will supervise every penny they give Baidu. Although they don't stare at every penny, they also require all the money to be used in Baidu's own operation. How can they put it in their pocket? Although Baidu is valued at more than US $100 million now, it can only get salary every month! Really get paid! Share is put there, capital does not allow oneself to cash out!

In fact, it's not surprising that capital is invested in a team or a project. If the valuation is 10 million yuan and they are given one million yuan or 10% of the shares, they must be used to run the company instead of their own. Otherwise, they will get a million yuan to turn around, and the company still has no money to operate. In a few days, the company will turn yellow, and the capital will become a takeover man?

Therefore, almost all of the capital will put forward clear requirements for its investment object, and prohibit cash arbitrage. Unless the capital is invested in the project, the project has been financed for multiple rounds, has a good foundation and development space, and at this time the investee has the right to speak, it will be able to ask for the amount of financing and cash arbitrage with the capital.Just like Li Mu, he directly made clear requirements with Sequoia when financing round C. when the 3.3 billion dollars came in, the shareholders would cash out 10%, that is to say, the 330 million dollars, which was directly divided by the shareholders.

At this time, Li Mu took advantage of the hot iron and said: "I invested 12 million dollars in Baidu, which is a direct purchase of your shares, you can cash out freely, I have no opinion."

Robin was surprised by Li Mu's generosity. He allowed 100% cash out of his investment. Li Mu really gave a very attractive offer. Everyone has been out for a long time to start their own business, but their money hasn't been earned. On the road of struggling to start their own business, everyone wants to get a large sum of money to reward themselves first. If 12 million dollars comes in, if half of the cash out, then there are thousands of founding teams Ten thousand yuan can be divided, which can make the core layer really get rid of poverty and become rich.

However, Li Mu wants 10% of the shares, which is too much.

Easy to listen to the net to come in and take 15%, Li Mu takes 10%, Baidu's quarter of the shares will be gone, if you agree with Li Mu's request, then all shareholders will dilute 25% of their shares equally, de Fengjie will take out about 5.75%, the founding team 60% of the shares will take out 15%, the remaining small shareholders will take out 4.25%.

At that time, Robin's own shares will also shrink to only a little higher than 25%, and Li Mu will become the second largest shareholder of Baidu.

With so many shares diluted, Robin inevitably suffered from flesh pain, so he proposed that a communication should be carried out within the team first. Li Mu respected his decision and took all the people on his side to leave the meeting room sparsely.

Before leaving, Li Mu looked at Robin and asked him, "Robin, how many shares does Dfj have in Baidu?"

"About 23 percent," Robin said

Li Mu nodded: "what about the right to vote?"

"The same shares and the same rights," Robin said

Voting right means that the company's actual management power, who has more voting rights, can actually control the company's decision-making and development direction. Sometimes, investors share the same rights, that is to say, how many shares they hold, how many voting rights they hold. Sometimes, investors will abandon their voting rights and give their voting rights to the company's founders, so that they can make money with ease It can also win the favor of the founders.

For a start-up, capital rarely gives up its voting right. Only when it invests in mature enterprises can capital make such a concession. For example, Yuri Milner, Russia's God of investment, not only gives up its voting right, but also gives up its board seat when investing in Facebook, so as to show his kindness to Mark Zuckerberg and tell him that I just want to make money with you All respect your decision and will not oppose you at any time.

However, it is natural that Robin at the start-up did not have the fate of Mark Zuckerberg's heyday. Although he was unwilling to share the same rights, he did not find the right opportunity to withdraw his voting rights.

Li Mu smiled at this time and said to him: "although it's the same share and the same right, your team still has more than half of the voting rights. So I suggest you don't pay too much attention to the attitude of de Fengjie. In this case, they should respect your decision unconditionally. If they take the follow-up funds as a threat, I can guarantee you with the contract as long as you accept it My condition is that I will not only give Baidu 12 million US dollars of investment, but also lend Baidu 8 million US dollars of interest free loan within one month, with a repayment period of three years. If it is not enough, I can extend it for five years. If it is not enough, I will lend Baidu another 10 million US dollars next year. "

Speaking of this, Li Mu added: "if you accept it, I will sign an agreement with you on acting in concert to entrust all the voting rights corresponding to my shares to you. I will not strongly interfere with Baidu's operation and development direction and give you enough respect."

Although that's what he said, Li Mu knows that he can't avoid interfering with Baidu's development direction in the future. Otherwise, he will go astray, and he will be jointly and severally responsible. But even if he gets 25 shares and shares the same rights, he can't have the absolute right to speak. If he really wants to intervene forcefully at that time, whether he has this 25% or not will not have an impact So, it's better to give up this 25% and use other means to interfere and restrict Baidu's future development direction in the future.

After showing Robin his muscles, Li Mu is ready to send a clear solicitation signal to Robin. It doesn't make much sense to follow Dfj. In fact, Dfj's future depends on Baidu. So Li Mu wants to give Robin a guarantee, a guarantee that he can ignore Dfj. All Robin's worries are only money, as long as he promises to himself In the future, Dfj will be more and more marginalized, and the voting rights will not be enough. In addition, Robin has a consensus agreement signed by the share owners of the team. That is to say, Robin still has an absolute dominant position in the right of speech.

This makes Jamie de Fengjie feel a little uncomfortable.

If Robin really ignores it, he is likely to directly agree to Li Mu's request. At that time, de Fengjie will have to dilute its shares.In fact, de Fengjie doesn't exclude dilution of shares, but Li Mu and Shizi talk a lot. They really want too much! They originally wanted to reduce the share expenses of M & A of easy to hear technology to 10%, but Li mufei didn't let go at all, and he proposed to ask for 10% more, which made defengjie very sad.

However, Robin was ordered by Li Mu. If he has new capital guarantee, he really doesn't need to look at De Fengjie's face all the time. If you are an investor and make money, just follow him to make money. Don't meddle in business and do things on behalf of others!

Unconsciously, the relationship between Robin and de Fengjie has undergone a qualitative change under the influence of Li Mu