บท 307: Chapter 307: The Second Mass Layoff
According to information provided by Legendary World, the Justice Department confirmed that further investigation was necessary.
At this point, they had basically established the fact of monopoly. As for the corresponding measures, there would naturally need to be a lengthy hearing.
Upon learning this news, stocks related to Legendary World began to decline. Risk avoidance is the same everywhere.
Everyone knew that if Legendary World could not ensure victory, its valuation would face a significant drop.
"In order to ensure the company's profitability, Legendary World will cut staff again. We deeply regret the loss of over two thousand jobs," read the official document from Legendary World.
Legendary World continued to ignore the Justice Department's decision.
Due to the considerable compensation, there were no major problems within the company. However, the securities market started to fluctuate wildly.
To be honest, if not for the company's impressive profits, their stock would have plummeted long ago.
Even so, it had already experienced a 40% drop from its peak.
Naturally, the small shareholders were furious. A company with ongoing profitability was suffering such unforeseen misfortune.
"Sir, William White seems to have given up. Only a few interns showed up for the hearing."
"Ugh, let's hope this wave doesn't get too big."
Usually, people's lofty expectations tend to fall flat. The old timer at Morgan Stanley obviously overestimated the situation; today's Legendary World was no small fry. Combined, the associated companies had already exceeded a market value of a hundred billion.
...
Faced with the fluctuating stock, William White felt quite helpless. There were many ways to support the stock price, but he was reluctant to use them. The present situation clearly had speculators trying to short the stock for profit, and entering carelessly could yield terrible results.
"Sir, are you sure?"
"Yeah, it's decided. Let's go with five hundred million. If that doesn't work, I'll throw in another five hundred million."
"But at this rate, Legendary World's cash reserves will be empty, plus they'll take on some debt."
"That's fine. If I can't make anyone wary, I might as well negotiate with the Justice Department."
"Got it, I'll arrange it right away."
...
Repurchasing stocks to cancel would significantly reduce market liquidity. For stocks of this caliber, that wasn't a good thing.
"Trading halt? Why?"
"They say it's for a major announcement."
"Ugh, isn't it just that mess with the Justice Department? What a drag -- one less day of profits."
"Vester, be careful. Shorting Legendary World is one thing; it's best to settle up on it quickly."
"Hmph, the world's richest man, what a big mouth. I can't wait to see how he tackles this challenge."
The expressions of those around reflected indifference, disdain, and a hint of impatience. Once the news of Legendary World's repurchase broke, all those faces turned to sympathy, or perhaps schadenfreude.
Vester was doomed; there was no need to wait for the next day. There weren't many circulating shares for Legendary World, so a gap up was all but guaranteed tomorrow.
He was just another unlucky one in this game.
A stock repurchase isn't shocking, but canceling a buyback worth ten billion? Why not just delist?
Shorting for profits is understandable; the impact isn't too large, and you can position yourself accordingly. But naked shorting can turn disastrous; without leverage, you might squeak by. However, if you used leveraged trading, then you were in serious trouble.
This round of operations was particularly severe; those using over ten times leverage had only one option: they were facing liquidation.
Of course, if a consortium came in to hold firm, there might be some twists. But who would dare mess with that madman now?
Most consortiums were tending to their own crops; who was interested in dealing with such nonsense? Did they really think William White was someone to mess with?
Every day on Wall Street, there are unfortunate souls, and today saw a few more, but no one was paying much attention. They were more concerned about William White's methods.
In fact, William White had always been blunt. If they could make money, he certainly didn't care. If greed had no limits, then there would be a price to pay.
Faced with this situation, the cadre of Wall Street elites were feeling anxious. Many had already slipped away. The high-spirited folks from two days ago had completely vanished.
What was frustrating was that the Justice Department obviously hadn't reached a conclusion yet. This meant Legendary World could go off the rails at any moment.
So what was this now?
Oh well, it was just a warning.
The bizarre scene on the securities market was a direct slap in the face. As for who it was aimed at? They could self-identify.
When it comes to antitrust, the United States had dealt with that many times before, resulting in some fatalities. This could open the floodgates, but who knew how many tragedies waited ahead?
Facing a madman with a mountain of cash, the market wasn't the answer. As for the policy side, unless they changed the laws, it remained unsolvable.
...
"Resign? What nonsense! Let him stick around. If the Donkey's got connections, let him recommend someone." In the Oval Office, the big boss's hair was standing on end; leaving a mess and bolting -- what kind of talk was that?
Pointing fingers was one thing, but what was the payoff?
His chief aide had already mentioned that the next round of layoffs was on the way. Unless something unexpected happened, it would definitely happen before the year's end.
...
"William, someone wants to ask if there's room for negotiation?"
"It's too late. Since the games are developed, there's no reason to abandon them. In fact, the gaming sector is clearly in decline; after this storm passes, there will be hardly anyone left."
"Understood. It's the only option we have."
At this point, they could only leave it to fate. A simple antitrust investigation could stir up such chaos. One had to admit, someone's destructive power was quite formidable.
...
"Sir, if he puts in some effort now, the Justice Department might back off."
"Hmph, I don't know about that. What I do know is that William White does not want to settle."
"What's the point of going down this road?"
"Who knows? At this rate, he seems intent on wrecking the whole industry."
"Ha, if it comes to that, he might actually succeed at monopolizing."
"Heh, the useless leftovers in America probably won't stand a chance." The old-timer demonstrated decent insight; while others couldn't see the situation, he had it all figured out. What remained a mystery was how William White intended to proceed.
Destruction was easy, but what would happen afterward? Would he really be able to destroy this company?
As a moderately-sized shareholder, Morgan Stanley was paying close attention. There was a considerable sum of money involved; he absolutely couldn't let it go to waste.
*****
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