A Wall Street Genius's Final Investment Playbook-Chapter 326 : The 100-Billion Race (22)

“I refuse your investment.”

Masayoshi declared firmly, then twisted his lips as he spoke.

“Isn’t this going to put you in a difficult position? To receive investment from Saudi Arabia, reconciliation with me is essential, isn’t it?”

It was an accurate observation.

The Saudi Crown Prince’s investment came with a clear condition.

Namely, the narrative had to be that “Masayoshi and I reconciled under Saudi mediation.”

And Masayoshi had clearly seen through that much.

“‘Reconciliation’ can only be achieved with mutual agreement. But I have not the slightest intention of agreeing.”

His tone was not just firm—it was resolute. Yet I was not surprised.

‘Of course he’s refusing.’

Just moments ago, I had effectively declared that I was going to swallow his fund whole and make it my colony. But unless someone is cornered to the edge of a cliff, human instinct is to reject subjugation.

And for a Wall Street titan like Masayoshi? That instinct would be even stronger.

What’s more, he currently believed he held the upper hand in this negotiation—so it was only natural for him to refuse being placed under my control.

However, I had already anticipated this response.

Now was the time for persuasion.

From this moment on, I intended to guide him into voluntarily joining my empire.

I looked at him calmly and began to speak.

“I ask that you reconsider. Isn’t it far wiser to stand on my side rather than oppose me? It’s far safer—and the gains will be significant.”

History tells us that there were colonies that wanted to become part of an empire.

Because the empire brought tangible benefits.

But just as I was about to list those benefits one by one—

“You think keeping you nearby is safe? Don’t be absurd! That kind of thinking doesn’t apply to a walking catastrophe like you!”

Masayoshi exploded before I had even finished speaking.

“Does putting a leash on a mad dog turn it into a gentle lamb? Just because the eye of a typhoon is calm, does that mean you can use it as an umbrella?”

“....”

“Just because a time bomb has a timer on it, what kind of lunatic wears it on their wrist like a watch?!”

He jabbed his finger toward me, unable to contain his fury.

“Monsters like you are not to be kept close and controlled—you should be isolated beyond the horizon! You’re the kind one should never get involved with in the first place!”

Harsh.

But I could understand his perspective. I had dealt him a brutal blow.

However, he was overlooking the core issue.

“I understand that you don’t wish to be entangled with me… but that would make things rather complicated. As long as you operate a tech fund, there is no avoiding AI.”

“What are you talking about…!”

“I have invested in more than just one or two AI startups. More importantly, I am a major shareholder and board member of Envid and NextAI.”

Yes—let’s not forget.

I had already seized control of the very heart of the AI ecosystem through the AI wars.

Right now, the two colossal giants Envid and NextAI were in the palm of my hand.

“Whatever you invest in, collaboration with these two companies will be essential. And if you truly wish to avoid any association with me…”

I lightly shrugged my shoulders.

“You will have to give up AI investment entirely.”

That was the reality.

In the tech industry, I had already secured the key strategic strongholds and laid the foundation of my empire.

“There is no option where you remain unentangled with me. The only decision before you is how you will be entangled. Will you stand on my side—or the opposing one?”

At those words, Masayoshi’s expression stiffened.

“…Are you threatening me right now?”

It could certainly be interpreted that way.

Those who defy the empire must face the empire’s wrath.

In fact, I could order Envid and NextAI to never cooperate with any company that Masayoshi’s fund had invested in.

If I did that, his fund would find itself in serious trouble…

‘But that approach would likely create backlash.’

That was not what I wanted.

A colony conquered by force only dreams of independence, resisting at every turn.

What I wanted was for him to willingly integrate into my order.

I offered him a gentle smile as I continued.

“Threatening? You misunderstand me greatly. I clearly offered you help.”

“But just now—!”

“What I said was that I could support you with my network. But since you seem to believe my network is unnecessary… hmm. Then how about information?”

“Information?”

“The ‘moral hazard’ in the tech industry that I mentioned previously. I told you the problem is far more widespread and deeply rooted in this sector than most people realize.”

At my words, Masayoshi frowned.

“You call one case like Ubers ‘widespread’? That’s an exaggeration. Every basket has one or two rotten apples.”

His reaction was to be expected.

The Ubers scandal had shaken the world, but the public still viewed it as an isolated incident—just one company going astray.

However—

“What if a similar scandal were to erupt at another major unicorn? And what if that company happened to be one you personally invested in?”

Masayoshi’s face froze.

In the Ubers case, though he took some collateral damage, he was ultimately just a bystander.

Since he had not directly invested, he could play dumb as if watching someone else’s house burn down.

But what if the same kind of scandal broke out at a company he had personally invested in and publicly endorsed?

As it happened, there was a very suitable candidate.

Conveniently, it was one within his portfolio.

“For instance, what if there were a problem with the company known as the ‘pioneer of spatial revolution’?”

As I dropped the hint, Masayoshi’s pupils shook violently.

“You can’t possibly mean… WeHub?”

WeHub.

A mega-unicorn boasting a $17 billion valuation.

Masayoshi had already invested $300 million into WeHub through Soft Finance—and in the future, he would pour even more capital through the Visionary Fund.

So, what does WeHub actually do?

According to their own description, it is a “global startup ecosystem platform where innovative companies gather to generate synergy.”

But in reality…

“They’re basically just a real estate rental company. They lease buildings long-term at low rates, subdivide them, and then re-rent them short-term at high rates.”

No matter how gloriously they dressed it up, WeHub’s fundamental business model was simply a shared office space operation with fancy interior design.

And many people were fooled by the glittering packaging.

Masayoshi was one of them.

He shot back immediately, bristling.

“Real estate rentals? Traditional real estate firms provide only ‘space,’ but WeHub builds an ‘ecosystem’ that goes beyond space. Calling WeHub a mere rental business is like calling Ubers a taxi company or TheAirbnb a motel. You’re missing the essence. What looks trivial now is exactly the difference that will separate winners from losers.”

Masayoshi continued with absolute conviction in his eyes.

“You’re belittling WeHub because you’re fixated on short-term losses. But—!”

His eyes flashed sharply.

“That is the essence of 21st-century business! Amazons, Ubers, Netplus—every one of them started that way. You take losses early to build the ecosystem, dominate the market, and then harvest profits.”

Well, he wasn’t entirely wrong.

Unfortunately, the future Masayoshi envisioned never arrives.

A few years later, WeHub would suffer the ridiculous fate of the emperor with no clothes.

As it prepared to go public, the glitter peeled off and its shabby reality was laid bare, sending WeHub’s valuation plummeting from $47 billion to $15 billion.

And with that, Masayoshi’s reputation would also take irreparable damage.

People would learn he had ignored countless warnings from his staff and believed in this naked emperor without any contingency.

Of course, there was a plausible reason he’d been so thoroughly deceived.

“Numbers don’t lie. WeHub has expanded into 50 cities across 15 countries worldwide and doubled in just two years. Membership has surpassed 100,000, and the renewal rate has steadily held above 70%. Revenue is exploding as well.”

The basis for his conviction was the numbers.

And the numbers WeHub presented were, admittedly, quite attractive.

However—

“Have you examined the footnotes carefully?”

“Footnotes?”

“Take EBITDA, for example. Do you know exactly how those figures are ‘adjusted’?”

“You think I wouldn’t have looked at that?”

Masayoshi knit his brows.

As a finance man, he was well-versed in reverse-engineering the tricks of financial reclassification.

But precisely because of that, he likely hadn’t thought to look for deception that fell outside the bounds of common sense.

Watching him, I continued calmly.

“Let’s look a bit closer at the footnotes. What exactly are they calling ‘community adjustment costs’?”

“Community adjustment costs?”

Unlike a normal office, WeHub claims it creates a “tech-accelerating community.”

I was telling him to scrutinize that claim.

“Oh, and while you’re at it, you might want to check their trademarks, too.”

“Trademarks? That’s out of the blue…”

“We can discuss the details after you’ve verified them yourself.”

I didn’t bother to explain the specifics.

No matter how much I said now, he wouldn’t believe it anyway.

“I can’t provide any more ‘information’ to someone who isn’t even a partner. Check it yourself—and then decide. When this ‘information’ becomes public, decide whether you’d rather stand with me or against me.”

***

Back in his hotel suite, Masayoshi yanked off his tie in irritation and called his secretary.

“Bring me every last piece of our WeHub investment materials.”

While the secretary hurried to assemble the files, he paced the room like a caged predator, clenching his fists.

Ha Si-heon’s proposal wasn’t worth considering in the slightest.

Turn his life’s work—the Visionary Fund, built with everything he had—into a colony shuttling back and forth at that man’s whim?

What greater insult could there be!

It would be humiliating even to a rookie fund manager—an utterly outrageous demand.

He was a titan who moved Wall Street and the world.

Hand the steering wheel of the fund that carried his lifelong ambition to someone else?

Unthinkable.

There’s no way he doesn’t know that…

If he still laid out something this preposterous, it must be because he believed he held a card strong enough to justify it.

Expose WeHub?

WeHub was an investment whose value Masayoshi himself had vouched for.

If there were a fatal flaw there—

His reputation and credibility would suffer irrecoverable damage.

Worse, it would hand those who had pledged vast sums to the Visionary Fund the perfect pretext to break their commitments.

Devastating.

And yet—

There’s nothing wrong with WeHub.

Masayoshi trusted his own eye.

He had a knack for sensing the unique aura you only feel from founders who change the world.

Just like Steve Jobs, just like the founder of Alibaba…

Within five minutes of meeting WeHub’s founder, he was convinced.

This man would shake the world.

Of course, it wasn’t a bet made on gut feeling alone.

They had run a thorough due-diligence process on WeHub, and he had personally reviewed every footnote in the offering documents.

Nothing looked problematic.

Right then—

Knock, knock.

“I’ve brought the materials.”

The secretary entered with a mountain of files.

“Shall I help you review them?”

“No. I’ll go through these myself.”

Left alone, Masayoshi rolled up his sleeves and dove into the sea of documents.

He decided to start with the items Ha Si-heon had flagged.

〈EBITDA: –$193 million〉

EBITDA (earnings before interest, taxes, depreciation, and amortization).

It’s the most fundamental indicator of a company’s cash-generating ability.

True, WeHub’s EBITDA was negative at the moment—

But that in itself wasn’t a problem.

For startups, making massive upfront investments to achieve market dominance is closer to a formula for success.

Amazons endured years of losses to build a logistics empire, and Netplus poured astronomical sums into content to reshape the media landscape.

Ubers and TheAirbnb likewise used massive marketing spend to build their customer bases.

If growth is steep commensurate with investment—

It actually signals future profits.

And WeHub’s growth curve was, indeed, ideal.

However—

He still had to check what Ha Si-heon had pointed out.

—Let’s look a bit closer at the footnotes. What exactly are they calling “community adjustment costs”?

What Ha Si-heon had mentioned was “adjusted” EBITDA.

It’s the figure shown to investors curious about a company’s underlying performance after excluding “strategic investments for the future.”

〈Community-Adjusted EBITDA: +$58 million〉

As expected, the adjusted figure showed a solid profit.

Swallowing hard, Masayoshi shifted his gaze to the footnotes.