If Microsoft wants to solve the problem of repurchase funds, it is actually very simple.
As long as Bill takes out a few points of Microsoft stock, whether he chooses a mortgage loan or direct transfer, he can obtain sufficient funds from most banks or financial institutions. There is no need to ask Sun Dahai for money.
The fact that he came to find Sun Dahai was actually a sign of trust. Compared to Sun Dahai, what Bill needed to guard against more was the Wall Street predators. Those were the real cannibals.
Sun Dahai also lived up to Bill's trust in him. He gave all the voting rights of Microsoft stocks he held to Bill through authorization for use on his behalf.
As a result, Bill's shareholding ratio seems to have been reduced, and some stocks have been transferred to Sun Dahai. However, his actual control over Microsoft has not actually changed.
This is actually one of Bill's purposes. It was understandable that Bill controlled Microsoft. But as Microsoft went public, it was inappropriate for him to continue to hold a high proportion of Microsoft stock.
In particular, the trend of Microsoft stock has attracted serious attention from the investment community, and the strength and potential shown by Microsoft after its listing far exceeded the expectations of the investment community.
As the price of Microsoft's stock continues to rise, many investment institutions that did not actively intervene at the beginning have a strong desire to enter the market and get a share of the pie.
Under such circumstances, it is almost impossible for Bill to continue to hold a high proportion of shares. Those investment institutions that have been short-term before will not let this piece of fat go easily.
Bill wants to ensure his control of Microsoft through a high proportion of shareholdings. However, in the eyes of Wall Street investment institutions, this is Bill eating alone.
In fact, they have used various methods to force Bill to reduce his stake, thereby increasing Microsoft's liquidity in the stock market and creating conditions for them to enter the market and make profits.
Moreover, once Wall Street funds enter the market, it will almost certainly disrupt Bill's development strategy and overall layout for Microsoft.
Wall Street investment institutions are different from Sun Dahai. Most of the money in their hands belongs to others, so they must pursue short-term interests.
Take investing in Microsoft stocks as an example. Sun Dahai can guarantee that he will hold these shares for a long time without interfering with Microsoft's own development and enjoy the dividends brought to him by Microsoft's rapid development.
Wall Street investors must first ensure capital preservation and short-term returns on their investments, and then consider medium- and long-term investment returns, which is the excess investment return.
Therefore, their usual method is to do short-term operations, enter the market quietly first, and then set off a wave of market conditions through speculation, thereby making a profit. The entire operation process generally does not exceed half a year.
Or, when they encounter a project that they think has great potential, they will also choose to withdraw at least the principal and interest part of the investment first, and keep the remaining profit for long-term investment, in order to obtain more returns.
Therefore, in order to cooperate with them to successfully complete the entry or exit operations, they will naturally require listed companies to conduct a series of business actions such as information disclosure and process adjustments of important projects in accordance with the arrangements of their operation plans.
In fact, these requirements have seriously interfered with the operational independence and autonomy of listed companies, and may even mislead ordinary investors.
More importantly, such hype has no practical benefits for the listed companies themselves. On the contrary, it will affect their market image, which is really not worth the gain.
Listed companies must show shareholders that their operations and management are effective and that the company maintains long-term and stable development in order to boost market confidence.
As for the short-term speculation behavior of Wall Street investors, they made a lot of money and walked away after making a big profit. What was left to the listed companies was devastation. Not only was the market confidence destroyed,
And it also left behind a large number of shareholders who were trapped in high positions.
Because he knows this situation, Bill can be said to have a deep hatred for the vampires on Wall Street. But now that Microsoft has gone public, even if Bill complains again, he can only do things according to the rules.
With this stock buyback, Bill plans to reduce his holdings of some stocks to reduce Wall Street's covetousness.
But if these stocks fall into the hands of Wall Street investment institutions, they may still make some articles about it.
Therefore, after Bill thought about it, he simply asked Sun Dahai to borrow money and took the opportunity to transfer 0.99% of the stock to Sun Dahai.
For Bill, the only difference between holding 45% of Microsoft stocks and holding 35% of Microsoft stocks is his control over Microsoft.
As for the impact on his personal finances, it can be ignored. Bill is not a money-loving person and does not have any extravagant hobbies.
Judging from the current market value of Microsoft of 16 billion, whether he is worth 6 billion U.S. dollars or 7 billion U.S. dollars is not a big difference to him and his family.
What Bill really focuses on is his voice in Microsoft represented by the number of shares.
If the shares held are reduced (the voting weight is reduced), then Bill will have to make more concessions and compromises to other shareholders in daily operations in exchange for their support for more important decisions.
Bill did not approve of the vampires on Wall Street.
What they focus on is naked money and interests, and the listed companies they invest in are just tools for them to make money. The business goals and long-term plans of these listed companies are not within the scope of their consideration.
Therefore, Bill felt that instead of believing in the verbal promises of Wall Street vampires to support corporate development, it was better to believe in Sun Dahai.
At least Sun Dahai has not had any intention to intervene or try to affect Microsoft's independent operations during the nearly two years since he invested in Microsoft.
Moreover, after meeting with Bill and Paul, he quickly handed over the authorization documents for the voting rights of his Microsoft stock to Bill as promised.
Such genuine legal documents are ten thousand times more powerful than Wall Street's empty promises.
If appropriate shares are transferred to Sun Dahai, Bill can not only reduce his weight in Microsoft, but also continue to maintain control of Microsoft, just changing from explicit to implicit.
Sun Dahai also made a corresponding guarantee: This part of the stock is the same as other Microsoft stocks in his hands, and its voting rights will still be authorized to Bill.
Sun Dahai had no intention of getting involved in Microsoft. Even the position of director of Microsoft's board of directors was not offered by Sun Dahai on his own initiative, but was forced upon him by Bill.
Sun Dahai always argued that he still had to go to school, so he had no time to be a director. Besides, he had already given all the voting rights of his stock to Bill, so it didn't make much sense whether he should be a director or not.
Because of this, Bill has been trying hard to persuade Sun Dahai to join the board of directors.