Twitter值多少錢
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????一家公司的股票價(jià)值只能由它的成交價(jià)決定。就Twitter來說，現(xiàn)在它的股價(jià)應(yīng)該是31美元。 ????《財(cái)富》雜志了解到，證券公司Felix Investments今天向客戶開放了按照這個(gè)價(jià)格購買Twitter股票的渠道。以這樣的價(jià)格水平計(jì)算，Twitter的價(jià)值約為155億美元（954.8億元人民幣）。 ????當(dāng)然，這只是一個(gè)固定價(jià)格，但目前可能不會(huì)出現(xiàn)其他價(jià)格。 ????消息人士稱，Twitter在提交絕密的S-1上市登記表之際凍結(jié)了自己的股權(quán)結(jié)構(gòu)，這和Facebook去年上市前的策略類似。此外，有人說Twitter現(xiàn)在甚至還沒有開始處理現(xiàn)有持股人手中的股份（這家公司對(duì)于優(yōu)先否決權(quán)總是很吝嗇）。 ????Felix Investment采取了迂回策略，它向客戶提供的不是真正的Twitter股份，而是持有Twitter股票的特殊目的公司的有限合伙人權(quán)益。此外，這些股份很早就被買了下來，因此不受限制。也就是說，這種做法不會(huì)改變Twitter的股權(quán)結(jié)構(gòu)，也無需征得Twitter的同意。 ????Twitter在鎖定股權(quán)結(jié)構(gòu)前規(guī)定，2009-2011年入職的員工最多可以轉(zhuǎn)讓20%的股票期權(quán)。入職時(shí)間更早的員工可以轉(zhuǎn)讓20%以上的期權(quán)，但不包括仍然在Twitter工作的員工。2012年及以后入職的員工拿到的是受限股票單位（RSU），RSU在出現(xiàn)變現(xiàn)機(jī)會(huì)前無法轉(zhuǎn)讓（而首發(fā)上市看來就是這樣一個(gè)機(jī)會(huì)）。 ????Twitter發(fā)言人拒絕就凍結(jié)股權(quán)結(jié)構(gòu)或股票交易限制問題發(fā)表評(píng)論。
????還有一點(diǎn)值得強(qiáng)調(diào)，那就是私募交易價(jià)格未必能體現(xiàn)出隨后的首發(fā)價(jià)格水平，這很重要。比如說，團(tuán)購網(wǎng)站Groupon在私募市場(chǎng)中的估值高達(dá)180億美元（1108.8億元人民幣），但首發(fā)價(jià)值只有126.5億美元（779.24億元人民幣）。Facebook首發(fā)前的交易價(jià)格也較高，商務(wù)社交網(wǎng)站Linkedin的私募價(jià)格卻遠(yuǎn)低于它的最終首發(fā)價(jià)。(財(cái)富中文網(wǎng)) ????譯者：Charlie ???? |
????A company's stock is only worth the price at which it trades. And for Twitter, that price right now would be $31 per share. ????Fortune has learned that broker-dealer Felix Investments today is offering its clients access to Twitter stock at that price, which would work out to a company valuation of approximately $15.5 billion. ????To be sure, it is only one price point. But there may not be any others right now. ????Sources say that Twitter froze its cap table around the time it submitted its confidential S-1 filing to the SEC, similar to Facebook's (FB) pre-IPO strategy last year. Moreover, word is that Twitter isn't even processing trades for existing holders right now (it's always been stingy with its rights of first refusal). ????Felix is getting around this by not offering clients actual shares in Twitter, but limited partnership interests in a special purpose vehicle that already holds Twitter stock. Moreover, the shares were purchased early enough that they are not subject to restrictions. Thus no change to the cap table, nor any need to get Twitter's permission. ????Before Twitter began buttoning everything down, the rule was that employees hired between 2009 and 2011 could sell up to 20% of their options grant. Earlier employees could sell more than 20%, but not if they remained with the company. Those hired since 2012 were given restricted stock units (RSUs), which cannot be sold until a liquidity event (which looks to be the IPO). ????A Twitter spokesperson declined to comment on the cap table freeze or trading restrictions. ????It also is important to stress that private trading prices are not necessarily guides for where a company will price its IPO. For example, Groupon's (GRPN) valuation climbed to $18 billion in private market trades, but only got $12.65 billion at IPO. Facebook also traded higher pre-IPO, while LinkedIn (LNKD) traded well below its eventual IPO price. |
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