[Who is the world’s number one richest person?]
Not long ago, Forbes announced its ranking of the world’s richest people.
Bill Gates, who was number one, was pushed down to second place, and the CEO of AMZ, Jake Byron, took his place. What’s even more surprising is that Kang Jin-hoo rose to third place.
It is the first time in history that a Korean has been named in the top 10 of the world’s rich list.
Kang Jin-hoo is the CEO of OTK Company and a major shareholder owning 80 percent of the shares. Therefore, his wealth consists entirely of OTK Company shares.
(Omitted)
……Even if exchanged at the current stock price of Seosung Electronics, the value of CarOS is at least 200 billion dollars. Even with just this, Kang Jin-hoo can already be said to be the world’s number one richest person.
Furthermore, the subsidiary companies of OTK Company are growing at an enormous rate every year, and by developing the OTK battery, they are expected to take the lead in the electric vehicle market in the future.
Jeffra Farmer, an economic expert at McKinsey, expressed the view that OTK Company could surpass Nple and become the world’s largest company within a few years.
Taek-gyu, having read an article in the Financial Times, said.
“Look at this. See, they’re saying you’re number one. Should we even make a protest call to Forbes to change the ranking?”
“Why bother? It’s not like they give a prize for being number one.”
“It feels good.”
Seeing things like this, it seems people really like ranking things.
Certainly, it’s probably easier to understand by saying what rank you are in the world’s rich list rather than explaining how rich you are.
But even if you’re the world’s richest person or whatever, the amount of money you can actually use is small. If you exclude the value of the shares, the cash I have on hand right now is only several tens of billions of won(?).
Well, I guess this is the same for other chaebols too.
With the announcement of the OTK battery, the stock prices of Seosung Electronics and Seosung SB soared, and the value of OTK Company also jumped along with them.
The total market capitalization of Seosung Group has now exceeded 500 trillion won.
It has grown by more than 30 percent in the past few years, and Chairman Im Jin-yong’s share value has also increased by the same amount. However, their family’s total shareholding is less than 5 percent, so their personal wealth is incomparable to ours.
Taek-gyu was newly impressed.
“You’ve really made a ton of money in just a few years. It feels like just yesterday we were boiling ramen together in my small rented room.”
“You’re telling me.”
I remembered Taek-gyu’s rented room, which was cluttered with games, manga, and other things. Now his house is so big that it would be impossible to clutter it up that much.
“That was really fun back then.”
“Yeah.”
Looking back, it’s a good memory.
Of course, this is only because we’re successful now. If we were still boiling ramen in a rented room, the story would be different.
“What are you going to do from now on?”
I don’t have much greed for money. With the tens of billions of won I have now, I can do everything I want to do.
However, I have other ambitions.
“First, I need to dominate the global car market.”
The key keywords for future cars are autonomous driving and eco-friendliness. If autonomous driving is the software, then the battery is the hardware.
We have both of those things in our hands. Now, all that’s left is to move towards the future.
Taek-gyu nodded and asked.
“What’s next?”
“Well…”
I said with a smile.
“Let’s think about that when the time comes.”
***
The aftereffects of the OTK battery announcement continued.
The whole world was paying attention to the mass production process, and academic journals like Nature and Science covered it in detail.
Professor Kim Ho-min was extremely busy with the flood of interview requests, and OTK Company was also receiving calls from all directions.
Senior Sang-yeop was so busy traveling around in my place that it was hard to even see him at the company.
I received a call from Professor Kim Myoung-jun.
[Congratulations. You finally did it.]
“Professor Kim Ho-min did it.”
[You’re the one who recognized the potential and scouted him. You’re showing your business administration major side.]
It’s all thanks to Oracle.
“How’s the atmosphere at Korea University?”
[The chemistry department is going wild. The business administration students are also happy. I heard they’re planning a meet-up between the chemistry and business administration departments to celebrate.]
“…….”
What does this have to do with a meet-up?
I guess wanting to have meet-ups whenever there’s an excuse is in the nature of university students. But aren’t both of those departments mostly male, so wouldn’t there be a shortage of girls?
[Korea University itself is in a situation where they don’t know whether to laugh or cry.]
“Why is that?”
Professor Kim Ho-min is a graduate of Korea University and was a tenured professor there until recently. So this incident has raised the prestige of Korea University.
[If he had developed it in the university research lab as a tenured professor, the university would have made a ton of money. That’s why the president is hitting the ground with regret now.]
I burst into laughter.
“I can see why.”
From Korea University’s perspective, they missed an opportunity to earn trillions of won.
But if that had happened, Professor Kim Ho-min wouldn’t have earned much. Not to mention the other researchers.
It’s unfortunate for Korea University, but it’s a good thing for Professor Kim Ho-min and me.
[Come visit the school sometime. I’ll buy you a meal.]
“What are you saying? I should buy you one.”
Professor Kim Myoung-jun said jokingly.
[No way. Don’t you know the Improper Solicitation and Graft Act? Buy me a lot of expensive things later when I quit being a professor.]
“To properly treat you, I’ll have to start saving up now.”
***
While Seosung SB was setting up the mass production system for the OTK battery, some interesting news came in.
Ellie came over and said.
“Did you hear the news? Bailey Hausmann is coming to Korea.”
Taek-gyu blinked.
“Who’s that?”
“The CEO of Iber.”
As everyone knows, Iber is a ride-sharing service company that connects drivers and passengers, currently operating in over 100 countries, including the United States.
“Is this his first time visiting Korea?”
“Yes. That’s why there’s all sorts of talk.”
The news of the CEO’s visit to Korea sparked rumors that Iber was aiming to launch in Korea again, and the taxi union immediately issued a statement of condemnation and announced a protest.
‘Transporting passengers without a license is clearly illegal and a serious issue that will destroy the taxi industry and infringe on the livelihood of taxi drivers! If the government yields to corporate pressure and promotes the legalization of ride-sharing, one million taxi families will have no choice but to take to the streets and fight!’
In response, Minister of Land, Infrastructure and Transport Kwon Mi-hyun stepped in to calm the situation, stating that no discussions were being held regarding ride-sharing services.
No government can ignore a million votes.
While we were watching the situation unfold like a fire on the other side of the river, the sparks suddenly flew towards us.
[Bailey Hausmann Hopes to Visit OTK Company]
[Possibility of a Meeting Between Bailey Hausmann and Kang Jin-hoo?]
[Is OTK Company Partnering with Iber to Enter the Ride-Sharing Market?]
[What Impact Will a Strategic Alliance Have on the Industry?]
At first, I thought it was just a rumor, but Iber officially sent a meeting request.
As soon as the articles came out, taxi drivers gathered in front of the OTK building to protest.
“OTK Company, wake up!”
“Stop the tyranny of big corporations!”
“Withdraw the meeting with Iber!”
“Guarantee the survival rights of the taxi industry!”
What’s even more absurd is that Park Si-hyeong’s supporters have also gathered for the taxi union’s large-scale protest, joining in the condemnation.
It’s like the enemy of my enemy is my friend… or something.
“Release President Park Si-hyeong!”
“Arrest Kang Jin-hoo!”
“Dismantle OTK Company!”
With both sides shouting slogans at the same time, it’s hard to understand what they’re saying.
Sometimes they even seem confused themselves, shouting incorrect slogans like “Guarantee Kang Jin-hoo’s survival rights,” “President Park Si-hyeong, wake up,” and “Dismantle the taxi industry.”
It seems like there isn’t a single quiet day. Fearing possible clashes, the main entrance was closed, and employees were sneaking in through the back entrance.
Taek-gyu said, feeling wronged.
“No, but what did we even do? We haven’t done anything yet.”
I sighed, listening to the shouts coming from both sides.
“This is driving me crazy.”
***
Iber’s implied valuation is about 80 billion dollars. Until recently, it was the largest unlisted company (although CarOS has now overtaken it).
There are predictions that it will exceed 100 billion dollars once it goes public.
However, it’s not making a huge profit; on the contrary, it’s suffering losses. Focusing on expanding the market while burning through investment funds rather than making immediate profits is a startup tradition(?). And when the money runs out, they attract another investment.
This is the same for us as well.
Even Faceit, which was making a profit, spent all the money it earned on expanding services and developing VR porn, and even received more investment to acquire an adult toy company.
The idea is that once you dominate the market, you can make as much money as you want afterward. That’s why everyone is not holding back on investments.
Iber’s founding story is quite famous.
While trying to catch a taxi in New York, Bailey Hausmann was repeatedly denied service and had to stand in the sweltering heat for 30 minutes.
In a fit of frustration, he looked at the numerous cars filling the road and thought.
‘If there’s a car going in the same direction, I’d be happy to pay to ride in it.’
So, he created a company where people could call for a ride with a single click on their smartphone, and all drivers could act as taxis with their own vehicles.
After hearing my explanation, Taek-gyu said.
“He started the company because he was pissed about taxi drivers refusing him service.”
“That’s right.”
“Then it makes sense he’d start a company.”
Anyone who has tried to catch a taxi on a rainy day during rush hour can relate.
Iber quickly dominated the market upon its launch.
Passengers liked it because it was cheaper and more convenient than taxis, and drivers with vehicles liked it because they could earn money. And Iber took a commission for mediating between the two.
The emergence of ride-sharing services was a major threat to the taxi industry and had potential legal issues. However, its convenience and low price were a major weapon.
Most countries, pressured by public opinion, allowed ride-sharing services, including Iber.
But Korea was against it. The government, mindful of the taxi industry’s votes, cracked down and punished them, and Iber withdrew from the Korean market.
“A service used all over the world is banned only in Korea.”
“It’s not just Iber, you know.”
75 percent of the world’s top 100 startups are illegal in Korea. What’s the point of just talking about the 4th industrial revolution and youth entrepreneurship?
It’s like tying your hands and feet and then telling you to fight as much as you want.
We went down to the first floor after receiving a call saying they had arrived. There, a white man in his early 40s wearing glasses was standing.
“Nice to meet you. I’m Bailey Hausmann.”
“Thank you for coming all this way. I’m Kang Jin-hoo.”
“Hello, I’m Oh Taek-gyu.”
Hausmann smiled and said.
“Thanks to you, our company was able to avoid a crisis as well. I should have thanked you sooner, but I’m only getting to visit now.”
Iber was also headquartered in San Francisco. Like other companies, the employees evacuated before the Big One, and the headquarters have now been moved to Orange County.
Thanks to me, many companies survived.
We went up to the conference room.
“It’s amazing. I studied Iber as a business administration success story when I was in university.”
Hausmann looked pleased at my words and asked.
“Really?”
“Yes. To be precise, it was a group project that replaced the final exam in my first semester of freshman year, and I was the team leader.”
“How did it go?”
“Most of the team members received an A. I received an A+.”
One person, whose name is missing from the team, received an F, but there’s no need to mention that now, right?
We chatted over coffee.
He gradually got to the point.
“I’d like Iber and CarOS to form an alliance.”
I had been expecting these words. He wouldn’t have come all the way to Korea just to express his gratitude.
I put on a surprised expression.
“An alliance?”
“CarOS produces cars, and we provide ride-sharing services. I think it would be a great help to each other if we joined hands.”
“In what way?”
“I’d like to exchange 30 percent of Iber’s shares for CarOS’s shares.”
I tilted my head.
“I don’t think you have that many shares available.”
Hausmann said as if he had been waiting for this.
“We are planning a capital increase.”
So, they are planning to issue new shares through a third-party allocation?
“The shareholders will object.”
When new shares are issued, the ownership percentage of existing shareholders decreases. That’s why capital increases are generally not welcomed.
“We are in discussions with the major shareholders.”
Him saying this means they have reached some level of agreement.
They’ve decided it’s necessary to secure CarOS’s shares even if it means diluting their own shareholdings?
I looked at Hausmann and asked.
“What are the conditions?”
