Chapter 395： Overweight Tesla
After listening to Hastings's suggestions, William Chen had other considerations, because what Hastings suggested was from his perspective, that is, within the scope of Netflix.
However, William Chen’s perspective is different. What he thinks is how to make changes in the structure of the entire Meta group in the situation as Hastings said, so as to avoid each subsidiary only sweeping the snow in front of the door, regardless of the frost on other people’s tiles. .
This conflict of interests between Netflix and its 20th Century MGM Films is not an exception, because although the Meta Group is no longer under William Chen's name and belongs to the Caitlin Foundation, it is still under the control of William Chen. Then the executives of the Meta Group, even if they use the company's performance commission to motivate them, but this method is not without omissions.
Just like when choosing between the short-term and long-term interests of a company, if you are the owner of the company, you will definitely choose the long-term interests, even if you will suffer some losses in the short term and affect performance, you will not hesitate to do so. .
And what if it is the manager of the business, not the owner? If their income is to be linked with the performance of the company, then they do not want to know that when faced with this choice, they will definitely only choose short-term interests, not long-term interests.
Because they themselves don’t know how long they can stay in the position of managers, then compared with the long-term interests of the company, they should first improve the short-term interests to obtain higher performance commissions. As for the long-term situation, they will not know at that time. I am still not in this position, why should I think so much?
Therefore, in response to this situation, William Chen believes that it is time to gradually start to make some adjustments in the entire Meta Group, linking the interests of the management.
Although he is here now, he can detect the wrong decisions of the management in the group in time and make targeted adjustments, but his energy cannot always be put on it, there are more things to do, so from In terms of system and interests, it is very necessary to ensure that whether the management can consider the long-term interests of the enterprise, or the subsidiaries can give priority to the overall interests of the group, these can be ensured and implemented.
Of course, the adjustment of the entire group will affect the whole body. It is not that simple and requires more consideration.
Well, starting from Netflix now, making adjustments first tentatively and checking the effect, as the accumulated experience of the adjustment of the entire Meta group in the future, it is also good.
……
Tesla has completed its IPO in the middle of last month. In this IPO, Tesla publicly issued 13.3 million shares of common stock, accounting for 10% of the total share capital after the issuance, and the stock issue price was $17. Per share, at this price, Tesla Inc. has a total market capitalization of $2.26 billion.
William Chen originally held 49.6755 million Tesla shares, accounting for 37.35% of the company's shares after the IPO; at the time of Tesla's IPO, since the underwriters were Goldman Sachs and Citibank, Meta Investment Company subscribed for the total public offering 5 million of the 13.3 million shares of the stock -- in fact, this time Tesla's IPO was not a hot one, and their stock price would have been even lower without the participation of Meta Investments.
Therefore, Meta Investment Company currently holds a total of 54.6755 million Tesla shares, accounting for 41.1% of the company's total share capital, surpassing Musk in one fell swoop and becoming Tesla's largest shareholder.
However, Musk still firmly controls the management of Tesla, because before Tesla's IPO, the board of directors agreed that Tesla implements an AB share structure. Musk, as CEO, holds shares Will have 10 times the voting power of common stock.
Therefore, no matter how many shares other people hold, they can only have the right to dividends and gain from the growth of the stock price, without affecting Musk's control of Tesla, which is why he agreed to put William Chen before The reason why 150 million US dollars of preferred stock was converted into common stock, and he can also let William Chen increase his shares in the secondary market with confidence.
Anyway, the main purpose of William Chen's investment in Tesla was to make financial investments on the basis of gaining a certain right to speak.
Therefore, he will not keep holding the subsequent increase in his holdings. When Tesla's stock price reaches a certain level, he will start to reduce his holdings.
From the very beginning, including Musk, realized that now is not the best time for Tesla to go public, but the current Tesla is very hungry for funds, whether it is getting support funds from the government or no He has tried all these methods to alleviate the hunger for funds, and the only thing left is financing.
The key is that under the background of the current economic situation, and Tesla itself has only released the original electric sports car Roadster, the sales volume is not high; and the new electric car "Model S" will not be delivered until the end of the year. Because their previous production was limited, even whether the car could be delivered on time has been questioned. Therefore, there are not many institutions that are willing to participate in financing at this time and can give a suitable valuation.
If he continues to accept Chen William's financing, although it seems that he is not very interested in Tesla's operating power, now his shareholding is about to surpass Musk's. For the sake of insurance, Musk has only choice IPO was funded.
Because even after the IPO and after, William Chen can still increase his holdings of Tesla's stock, but the most important thing is that through the IPO, Musk can establish the equity structure of Tesla's AB shares, through which AB shares are different from the same stock. With the structure of power, Musk will be able to firmly hold the control of Tesla when his shares are in fact surpassed by Chen William, or even enlarged. This is why Tesla chose to conduct an IPO at this time. one of the main reasons.
On the first day of listing, Tesla shares with an issue price of $17 closed at $23.89, an increase of , which also means that Tesla's market value has reached $3.17 billion.
But while the initial debut was good, within a week, Tesla's stock fell below the IPO price of $17. In this case, in addition to the timing of Tesla's IPO, they are mass-producing the new car. Negative news has been reported many times, which is also the main reason.
However, the decline of Tesla's stock did not last long, because it was discovered that on the Nasdaq market, some institutions continued to quietly absorb Tesla's stock at low prices, the main force of which was Caitlin fund.
Before Amazon announced the acquisition of 40% of Groupon's shares, and would cooperate with the group buying giant in the future, it did not rule out that after the overall acquisition, Amazon's stock rose sharply. After all, the concept of group buying at this time was hot. when.
The current Caitlin Fund is a combination of the original Caitlin Foundation funds and the free funds of Meta Investment Company. At that time, the investment capital exceeded 20 billion US dollars, and the total market value of the stocks currently held has exceeded 50 billion. Dollar.
In the stocks they hold, they include a certain percentage of Amazon's stock, so at this time, they took the opportunity to sell a part of Amazon's stock at a high price, and then bought a total of 3 million Tesla shares before and after the Nasdaq market. , which also brought the Tesla shares held by the Caitlin Foundation to 57.6755 million shares, accounting for 43.4% of the total share capital.
However, this part of Tesla stock held by Caitlin Fund is still a financial investment, and will begin to reduce its holdings after Tesla’s stock price reaches a relatively high position.
However, William Chen’s perspective is different. What he thinks is how to make changes in the structure of the entire Meta group in the situation as Hastings said, so as to avoid each subsidiary only sweeping the snow in front of the door, regardless of the frost on other people’s tiles. .
This conflict of interests between Netflix and its 20th Century MGM Films is not an exception, because although the Meta Group is no longer under William Chen's name and belongs to the Caitlin Foundation, it is still under the control of William Chen. Then the executives of the Meta Group, even if they use the company's performance commission to motivate them, but this method is not without omissions.
Just like when choosing between the short-term and long-term interests of a company, if you are the owner of the company, you will definitely choose the long-term interests, even if you will suffer some losses in the short term and affect performance, you will not hesitate to do so. .
And what if it is the manager of the business, not the owner? If their income is to be linked with the performance of the company, then they do not want to know that when faced with this choice, they will definitely only choose short-term interests, not long-term interests.
Because they themselves don’t know how long they can stay in the position of managers, then compared with the long-term interests of the company, they should first improve the short-term interests to obtain higher performance commissions. As for the long-term situation, they will not know at that time. I am still not in this position, why should I think so much?
Therefore, in response to this situation, William Chen believes that it is time to gradually start to make some adjustments in the entire Meta Group, linking the interests of the management.
Although he is here now, he can detect the wrong decisions of the management in the group in time and make targeted adjustments, but his energy cannot always be put on it, there are more things to do, so from In terms of system and interests, it is very necessary to ensure that whether the management can consider the long-term interests of the enterprise, or the subsidiaries can give priority to the overall interests of the group, these can be ensured and implemented.
Of course, the adjustment of the entire group will affect the whole body. It is not that simple and requires more consideration.
Well, starting from Netflix now, making adjustments first tentatively and checking the effect, as the accumulated experience of the adjustment of the entire Meta group in the future, it is also good.
……
Tesla has completed its IPO in the middle of last month. In this IPO, Tesla publicly issued 13.3 million shares of common stock, accounting for 10% of the total share capital after the issuance, and the stock issue price was $17. Per share, at this price, Tesla Inc. has a total market capitalization of $2.26 billion.
William Chen originally held 49.6755 million Tesla shares, accounting for 37.35% of the company's shares after the IPO; at the time of Tesla's IPO, since the underwriters were Goldman Sachs and Citibank, Meta Investment Company subscribed for the total public offering 5 million of the 13.3 million shares of the stock -- in fact, this time Tesla's IPO was not a hot one, and their stock price would have been even lower without the participation of Meta Investments.
Therefore, Meta Investment Company currently holds a total of 54.6755 million Tesla shares, accounting for 41.1% of the company's total share capital, surpassing Musk in one fell swoop and becoming Tesla's largest shareholder.
However, Musk still firmly controls the management of Tesla, because before Tesla's IPO, the board of directors agreed that Tesla implements an AB share structure. Musk, as CEO, holds shares Will have 10 times the voting power of common stock.
Therefore, no matter how many shares other people hold, they can only have the right to dividends and gain from the growth of the stock price, without affecting Musk's control of Tesla, which is why he agreed to put William Chen before The reason why 150 million US dollars of preferred stock was converted into common stock, and he can also let William Chen increase his shares in the secondary market with confidence.
Anyway, the main purpose of William Chen's investment in Tesla was to make financial investments on the basis of gaining a certain right to speak.
Therefore, he will not keep holding the subsequent increase in his holdings. When Tesla's stock price reaches a certain level, he will start to reduce his holdings.
From the very beginning, including Musk, realized that now is not the best time for Tesla to go public, but the current Tesla is very hungry for funds, whether it is getting support funds from the government or no He has tried all these methods to alleviate the hunger for funds, and the only thing left is financing.
The key is that under the background of the current economic situation, and Tesla itself has only released the original electric sports car Roadster, the sales volume is not high; and the new electric car "Model S" will not be delivered until the end of the year. Because their previous production was limited, even whether the car could be delivered on time has been questioned. Therefore, there are not many institutions that are willing to participate in financing at this time and can give a suitable valuation.
If he continues to accept Chen William's financing, although it seems that he is not very interested in Tesla's operating power, now his shareholding is about to surpass Musk's. For the sake of insurance, Musk has only choice IPO was funded.
Because even after the IPO and after, William Chen can still increase his holdings of Tesla's stock, but the most important thing is that through the IPO, Musk can establish the equity structure of Tesla's AB shares, through which AB shares are different from the same stock. With the structure of power, Musk will be able to firmly hold the control of Tesla when his shares are in fact surpassed by Chen William, or even enlarged. This is why Tesla chose to conduct an IPO at this time. one of the main reasons.
On the first day of listing, Tesla shares with an issue price of $17 closed at $23.89, an increase of , which also means that Tesla's market value has reached $3.17 billion.
But while the initial debut was good, within a week, Tesla's stock fell below the IPO price of $17. In this case, in addition to the timing of Tesla's IPO, they are mass-producing the new car. Negative news has been reported many times, which is also the main reason.
However, the decline of Tesla's stock did not last long, because it was discovered that on the Nasdaq market, some institutions continued to quietly absorb Tesla's stock at low prices, the main force of which was Caitlin fund.
Before Amazon announced the acquisition of 40% of Groupon's shares, and would cooperate with the group buying giant in the future, it did not rule out that after the overall acquisition, Amazon's stock rose sharply. After all, the concept of group buying at this time was hot. when.
The current Caitlin Fund is a combination of the original Caitlin Foundation funds and the free funds of Meta Investment Company. At that time, the investment capital exceeded 20 billion US dollars, and the total market value of the stocks currently held has exceeded 50 billion. Dollar.
In the stocks they hold, they include a certain percentage of Amazon's stock, so at this time, they took the opportunity to sell a part of Amazon's stock at a high price, and then bought a total of 3 million Tesla shares before and after the Nasdaq market. , which also brought the Tesla shares held by the Caitlin Foundation to 57.6755 million shares, accounting for 43.4% of the total share capital.
However, this part of Tesla stock held by Caitlin Fund is still a financial investment, and will begin to reduce its holdings after Tesla’s stock price reaches a relatively high position.
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