Third-Generation Chaebol

Apple had no money at the time.

It was a company drowning in debt, but it possessed something far more valuable than money, and I intended to take it.

"Taewoo Electronics wants to form a perfect partnership with Apple. We propose exchanging 10% of each other's shares and co-branding future mobile phones with the Taewoo Group logo."

"Adding another logo isn't difficult. But what exactly do you mean by a 'perfect partnership'?"

"We want to collaborate not only on mobile phones but also on consumer electronics."

"Apple doesn't manufacture consumer electronics. That wouldn't benefit Taewoo Electronics at all."

At the time, Apple was primarily seen as a computer company.

Although it had produced small devices like the MessagePad, it had barely ventured into the consumer electronics market.

However, in just a few years, that would change.

With the success of the iPod and iPhone, Apple would eventually expand into consumer electronics, launching products like Apple TV.

"This partnership isn't about the present—it's about the future."

"Is that so? I don't fully understand, but if SAVE Investment is willing to invest, I won't oppose it."

"If Apple acquires the mobile division, it will have a significant impact on the stock price. Not only will it gain ownership of InnoPhone, but also the highly successful slide phone that made waves at CES."

George and the other board members nodded in agreement.

They all understood how popular InnoPhone was, and they had personally seen the prototype of its successor, the slide phone.

"I believe that's enough discussion. Let's proceed with a vote."

The vote was a mere formality.

Those who opposed the deal had already resigned and left the board, so the proposal passed unanimously.

With that, I became Apple's largest shareholder.

SAVE Investment held 20%.

With the acquisition of the mobile division, Taewoo Electronics would retain 10% of Apple's shares.

Personally, I held 5%, bringing the total to 35%.

Including allied shares, my influence was even greater.

With Steve and George's shares added, I could control up to 45% of the company's stock at will.

"It's unanimous. We will proceed with Taewoo Electronics' acquisition of the mobile division."

"Whatever the acquisition cost, SAVE Investment will cover it in full."

It was essentially a loan disguised as an investment.

Since Apple's revenue was bound to increase, we would eventually recover the funds, so there was no hesitation in opening the wallet.

The Apple board meeting in California had concluded successfully.

Not far from the conference room, David was waiting for me at a restaurant, along with two other guests.

"Hello, I'm Minjae Kim from SAVE Investment. Feel free to call me Kim."

"Ah, hello. But… are you really investing in our project? I've heard of SAVE Investment—it's well-known even on Wall Street. Why would a firm like yours be interested in us?"

"Larry, Sergey. I liked your project. That's the only reason."

The two people with David were none other than the founders of Google.

At the time, they were still Stanford graduate students, and Google was merely the outcome of their research project, just beginning to take shape.

This was the perfect time to invest—while shares were cheap and abundant.

I had been watching them even before they entered Stanford's graduate program, quietly offering support along the way.

"You know who we are?"

"You received the Wall Street Scholarship, didn't you? If you had read the certificate thoroughly, you would have noticed that it was funded by SAVE Investment."

"Oh, I apologize. I had no idea the Wall Street Scholarship came from SAVE Investment. But thank you so much. Thanks to that scholarship, I was able to attend school without taking out student loans."

At that moment, the wall between us vanished.

That's why networking was most effective when you helped people during their difficult times.

"SAVE Investment keeps track of all our scholarship recipients' achievements."

"So that's how you found out about our project. We were really surprised when you offered support, considering we haven't even put together a proper report yet."

"Let's get straight to the point. How about 49% equity for $1 billion?"

"T-That much?"

"I'm not sure what you mean by 'that much.' Are you saying 49% is a lot?"

"No, I meant that the investment amount is huge."

One billion dollars—over 700 billion Korean won—was a staggering sum.

It was almost unheard of for a graduate student's project to receive such a large investment.

But I already knew this project would succeed.

I knew it would grow into none other than Google—a tech giant of unimaginable scale.

"If $1 billion isn't enough, I'm willing to invest up to $2 billion. Of course, that would require some adjustments to the equity structure."

"No, $1 billion is more than enough. We'll accept the offer—49% equity for $1 billion."

"If you ever need additional funds, just let me know. I can provide nearly unlimited resources. Also, if you ever plan to sell shares to another party, we'll need to reach a mutual agreement beforehand."

"Of course, that's completely reasonable."

The meal continued in a remarkably smooth and pleasant atmosphere.

I was in a great mood—I had just secured a 49% stake in Google at an incredibly low price.

And the graduate students were thrilled. With financial worries out of the way, they could now focus entirely on their studies and project.

David was also present at the meeting.

With his charismatic way of speaking, he kept the conversation lively and even managed to get them to sign the contracts brought by the lawyer.

And just like that, the meal ended.

David and I later took a break at a quiet café.

"Boss, isn't this a bit too much? Investing $1 billion in a graduate student project?"

"David, that's why you're more of a lobbyist than an investor. You do realize how hot the IT industry is right now, don't you?"

"Sure, but $1 billion is enough to start an entire company."

"Just wait and see. I'm about to turn that $1 billion into $800 billion."

"Aren't you exaggerating a bit? For a 49% stake to be worth $800 billion, the company would need a market capitalization of over $1.6 trillion. No company in the U.S. is even close to that."

How frustrating.

I couldn't exactly tell him the future.

So instead of answering, I simply smiled and sipped my coffee.

***

I returned to Korea with excellent results.

I had wanted to return with Dimon, but he had to stay in the U.S. to continue negotiations with Apple.

So instead of Dimon, I returned to Korea with someone else.

"Manager Han, how does it feel to be back in Korea after so long?"

"It hasn't been that long. I came here several times last year."

I had returned to Korea with Manager Han.

With Dimon handling both the Apple negotiations and overseeing SAVE Investment, I was able to bring Han to Korea.

"You'll need to stay in Korea for a while. The Taewoo Shipbuilding deal is almost finalized, but we still need to secure the final approval. Plus, we need to oversee the establishment of the joint venture with Aramco."

"I have a feeling I'll be even busier here than I was in the U.S."

"Did you think you were coming for a vacation? You're getting paid a high salary—you should earn it. Isn't your salary now about 100 times higher than when you were at Taewoo Securities?"

"With bonuses included, I actually make even more. Back when I was at Taewoo Securities, I never imagined my life would turn out like this. Meeting you changed everything for me."

Manager Han had once been a stockbroker earning just 20 million won a year.

But now, he was among the highest-paid professionals on Wall Street.

Still, I didn't feel like I deserved all the credit.

If left to his own devices, he would have ended up running a major securities firm anyway.

"I hope you see it as a change for the better."

"Of course. Among my college classmates, no one earns more than I do."

"That's good to hear. And since you're getting paid well, you'll have to work just as hard. Stay in touch with Dimon and handle the Taewoo Shipbuilding deal, the mobile division, and the Aramco joint venture."

"I'll take care of everything without a hitch!"

Han was brimming with confidence.

For someone in his early 30s, managing three massive projects simultaneously should have been nerve-wracking.

But thanks to the experience he had gained at SAVE Investment, he wasn't just unfazed—he was enjoying it.

We got into the car and headed to Captain Kang's office.

Upon arrival, Han immediately noticed the large whiteboard in the center of the room.

It was filled with information about Taewoo Electronics' subsidiaries and their debt status.

"The debt ratio has decreased significantly. If we wrap up the ongoing projects successfully, we can bring it down to below 300%."

"That's not enough. It needs to drop below 200% to be truly stable."

"Are you planning to sell off more subsidiaries?"

"We've reached the limit of how much we can reduce the debt ratio through divestments. From now on, we need to increase the subsidiaries' revenue instead."

"But as the president of Taewoo Electronics, wouldn't it be difficult for you to intervene in other subsidiaries' affairs?"

That was exactly why I was planning to step down as president.

I had more or less wrapped up my work at Taewoo Electronics. Now, it was time to turn my attention to the other subsidiaries.

"That's why I'm going to ask my grandfather to 'demote' me—from president of Taewoo Electronics to head of the strategic planning office."

"You're planning to move to the strategic planning office so you can oversee other subsidiaries. But isn't that a waste? You'd be stepping down from president to a lower position."

"Whether I'm a president or a department head doesn't really matter. In the end, I'll be the chairman of Taewoo Group anyway, so what difference does it make?"

They say that a position shapes a person.

But for me, it was the other way around.

No matter where I sat, that seat would become the highest one—as soon as the heir of Taewoo Group occupied it.

***

Fifteen days had passed.

It was a short period, but a lot had changed.

"Sir! The slide phone is a massive hit. The number of orders is far beyond our expectations. To be exact, demand is overwhelming."

"How does it compare to the InnoPhone?"

"It's difficult to make an exact comparison. When we launched the InnoPhone, our factories weren't running at full capacity, so we couldn't produce enough units. But now, even with all five factories operating at full speed, we're struggling to keep up with demand."

As expected, the slide phone was a success.

It created a strong synergy with the InnoPhone, leading to immense popularity.

That didn't mean the InnoPhone's sales had declined. It was still selling like crazy.

"Start building new factories. Acquiring existing ones is also an option. Don't worry about the cost—I'll have Apple cover all the expenses."

"So, in the end, the mobile division will be handed over to Apple?"

"The negotiations are in their final stages, so it'll happen soon. Do you feel reluctant?"

"To be honest, I feel more than a little regret. Back-to-back hits like this… how could I not?"

Of course, I felt the same way.

But to gain something bigger, sometimes you had to let go.