My Age of Investment

The latest website: "I heard that you and Elon had a bad time?"

In a cafe not far downstairs from Facebook, Reid Hoffman in a wrinkled shirt asked.

Xia Jingxing glanced at the fat man who was sitting on the seat with his stomach still high.

Thinking that the other party wanted to make peace, he smiled and said: "It's okay, he wants to poach employees of an electric car company called Tesla that I invested in.

In the end, he didn't poach him, and I didn't say anything, he got pissed. "

Xia Jingxing spread out his hands with a helpless expression on his face.

Peter Thiel laughed, "That's how he is, no one is allowed to disobey him, he must obey him.

At that time, our two companies merged, and as a core condition, he was also the CEO.

In the end, for the sake of the company's better development, I chose to make concessions. "

Xia Jingxing nodded. He knew this. At that time, Peter Thiel and Elon Musk each had an electronic payment company. After the merger, Musk was the CEO of PayPal.

If such conditions cannot be met, Musk will certainly not agree.

Hoffman did not mean to persuade him at all. After asking about the grievances between Xia Jingxing and Musk, he did not continue the topic.

He looked at Xia Jingxing and said with a smile, "We are looking for you. In addition to chatting about the development of Facebook, there is one more thing we want to inform you about. LinkedIn is about to start the B round of financing."

Xia Jingxing looked at each other with a smile, "Congratulations, Reid, LinkedIn is one step closer to complete success."

Hoffman smiled, not too proud.

He gradually restrained his smile and said lightly: "Sequoia Capital and the first round of capital do not intend to exercise the right to vote."

Xia Jingxing thought for a moment and then understood the thoughts of these two institutions.

In the final analysis, LinkedIn is developing too slowly.

Not only was it beaten by Facebook, but the number of users of Juyou.com, which was established later, far exceeded that of LinkedIn.

but,

Because LinkedIn is a business social network, it cannot be compared with ordinary public social networking sites.

"Do the two of them feel that the growth of users is too slow?" Xia Jingxing asked calmly.

Hoffman nodded and smiled bitterly, "We've actually worked hard, but those old guys don't know how to socialize at all.

Darren, you should know best what LinkedIn is doing and how clearly we plan for the future. "

Hoffman was a little gaffe, and his tone was a little excited.

Peter Thiel didn't invest in LinkedIn, but the two were good friends. He couldn't help but say, "Reid, don't be discouraged. It's fine if the old shareholders don't join the investment. You can directly invest with the new shareholders?"

"Yes."

Xia Jingxing said with a smile, "I still firmly believe that LinkedIn will be able to create its own success."

"thank you all."

Hoffman's will is a little depressed, not only the B round of financing is not smooth, but also the reason why LinkedIn's development has always been slow.

What Moritz said, he still remembers in his heart: If you have one-tenth the development speed of YouTube, I will let Sequoia Capital participate in the B round of financing.

In fact, the old man was right. Even the new website of YouTube, which was established more than a year later, ran ahead of them.

As for LinkedIn, the number of users just exceeded one million a while ago.

It took them nearly a year and a half to complete this humble statistic.

Xia Jingxing watched his words and expressions and realized that his opportunity had come.

He smiled and said, "I made a fortune in securities investment some time ago, and I just don't have a place to invest the money. Why don't I invest in LinkedIn's B round?"

"It's not a small amount, and we want to raise $10 million," Hoffman said with a smile.

Xia Jingxing nodded, "I know this is not a small amount, but I believe in you.

Plus, I really have ten million.

I invested another 10 million in Tesla some time ago, and it will be delivered after a while. "

Peter Thiel asked curiously, "Is it the money made by the Lixia Fund?"

Because he is a shareholder of Facebook, Peter Thiel also knows some of Xia Jingxing's industries, such as investing in Tesla and establishing Vision Capital.

Xia Jingxing shook his head, "This fund has just been established, and I haven't invested much yet, how could it possibly make money for me."

Peter Thiel smiled, "Don't get me wrong, there are small circles in Silicon Valley discussing where exactly your money comes from?

It has invested $16.3 million in Tesla and hundreds of thousands of dollars in LinkedIn.

Some people say you sold a portion of Facebook. But I know, you don't. "

Xia Jingxing saw that this topic could not be avoided, so he briefly talked about his personal stock speculation in the past.

When they heard that Xia Jingxing had earned more than 20 million US dollars, the two of them were only surprised, but they didn't appear to be exaggerating. After all, they had both seen people with big money.

"Daren, why don't you ask me to raise money?"

Peter Thiel smiled and said, "I have a hedge fund too!

It can be developed into a fund of funds in the future to provide you with a part of the investment share. "

Xia Jingxing did not contact the other party at first, mainly because he felt that the other party had a large-scale hedge fund, and at the same time, he was doing angel investment, making it clear that he was someone who knew how to manage money.

It seems that he is narrow-minded.

"Okay, let's talk about hedge funds later."

Xia Jingxing looked at Reid Hoffman and said with a smile, "Today we will only talk about LinkedIn."

"it is good."

Peter Thiel nodded, and he was just speaking casually.

His own hedge fund is developing well, and he has no intention of developing in the direction of the fund of funds.

If the rate of return of Lixia Fund is very good, it is not impossible to consider cooperation.

But that's all in the future, and it's too early to talk about it right now.

Reid Hoffman said with a smile: "Daren, I still want to find institutional investors again.

With the endorsement of well-known investment institutions, the subsequent C round of financing will be much smoother. "

Xia Jingxing did not feel that the other party underestimated him.

Because he is now the role of an angel investor, just beating drums.

You can only invest in some projects that well-known institutions do not look down on, or follow up with a small share.

A veteran entrepreneur like Hoffman would never choose an angel investor like him for B round financing unless it was a last resort.

Because there is no brand, there is no follow-up resource sharing.

The reason why he agreed to invest in LinkedIn at the beginning was to exchange the investment rights of Facebook with the other party.

"Daren, let's do it. When I find the lead investment agency, how about you join the investment?"

Hoffman didn't want to make the relationship too stiff. After all, the other party also had good intentions to invest in LinkedIn, so he said this.

"sure!"

Xia Jingxing did not dislike it at all, after all, being able to follow the vote was better than not getting anything.

"Is this co-investment outside the anti-dilution clause?"

Xia Jingxing asked a specific question, wanting to know more clearly.

When the B-round investment institutions enter the market, according to the A-round investment agreement, their A-round shareholders have the right to increase their capital to ensure that the equity is not diluted.

He owns three points in LinkedIn, not much.

If you just exercise the anti-dilution clause, you won't be able to take this opportunity to get enough equity in LinkedIn.

"This, I can't answer you for the time being."

"It depends on the specifics of the Series B financing," Hoffman said with a smile.

Xia Jingxing guessed the meaning of the other party in his heart.

If the financing of 10 million US dollars is obtained from an institution, there should be nothing for you.

If you don't melt enough, you should be able to let yourself drink the soup behind.

"What about valuation?"

Xia Jingxing also has a small amount of capital now, and when it's time to pay for it, he can't be cowardly.

Venture capital is what he is best at, and it also makes more money than stocks, making it steady.