Chapter 298: The Second-Highest Grossing Film in History

After securing agreements with Roy Disney and Robert Iger, the only remaining obstacle preventing Martin from acquiring 8.03% of Disney's stock was the issue of funding.

Over the years, Martin rarely kept his money in the bank. Instead, he funneled his earnings into the stock market or promising startups, as the rapid depreciation of the U.S. dollar discouraged savings—a sentiment common among Americans.

Now, it seemed he had to sell some stocks.

On his way back from meeting Roy Disney and Robert Iger, Martin had already made up his mind and formulated a plan to raise the necessary funds—by selling 9% of his shares in Yahoo.

Since 1998, Martin had steadily accumulated Yahoo stock.

During the dot-com bubble burst in 2000, when countless internet stockholders panicked and dumped their shares, Martin seized the opportunity. He acquired a significant amount of stock in Yahoo and other promising internet companies at bargain-basement prices.

Back then, Yahoo's valuation had plummeted by 90%, making its shares feel almost like free giveaways. Most of the 9% Yahoo shares Martin now held were bought during that period.

As for why he chose to sell Yahoo rather than other stocks?

Simply put, Yahoo was a classic case of a company that started strong but faltered over time.

Once a dominant force in the internet world, serving over 500 million users globally, Yahoo had pioneered a groundbreaking business model: free services, profitability, and openness. Its innovations had catalyzed the rise and growth of e-commerce.

However, as the first internet company to achieve a market valuation of $100 billion and identify a viable business model, Yahoo failed to capitalize on subsequent opportunities in video, social networking, and mobile internet.

Frequent changes in leadership, coupled with a revolving door of CEOs, left the once-mighty internet giant on a path toward acquisition.

Despite efforts to revitalize itself, Yahoo's every attempt ended in failure.

But for now, Yahoo was at its peak market value.

After the dot-com crash, Yahoo's new CFO, Decker, had cut underperforming divisions like online payments, shopping, and auctions. These measures reduced losses and temporarily stabilized the company.

By 2002, Yahoo's market value rebounded to $47.9 billion—a far cry from its former heights but still respectable.

Yet Martin knew this resurgence was merely a last gasp.

Yahoo's persistent mistakes and missed opportunities meant its value would erode after 2005. By 2016, Verizon acquired Yahoo's core assets for just $4.8 billion.

*(Note: Yahoo's three most regrettable missed opportunities are legendary.

In 1998, Yahoo declined to acquire Google for a mere $1 million.In 2006, Yahoo botched a deal to buy Facebook for $1 billion when Mark Zuckerberg, offended by a last-minute price drop to $850 million, walked away.In 2008, Yahoo turned down Microsoft's $44.6 billion acquisition offer, squandering its last chance at redemption.)*

Even without the Disney stock purchase, Martin had planned to sell his Yahoo shares eventually.

As for the buyer? He already had one in mind—Microsoft.

Bill Gates had long sought to acquire Yahoo.

A month later.

A report in The Wall Street Journal sent shockwaves through America:

"Martin Meyers, the World's Youngest Billionaire Tycoon!"

"According to sources, Martin Meyers, America's prodigy, has finalized an agreement with Bill Gates. Microsoft will purchase 9% of Yahoo shares from Martin Meyers for $4.2 billion."

"The deal proceeded smoothly, with both parties reaching a consensus after just 15 days of negotiations…"

In early April, the latest Forbes global billionaire rankings revealed that Martin, bolstered by his Microsoft, Apple, and other holdings alongside the $4.2 billion in cash, had entered the top ten richest Americans for the first time with a net worth exceeding $15 billion.

"Forbes: The 10th Richest American: Martin Meyers, Age 15!"

This news ignited another media frenzy.

In a country that idolizes wealth, Martin's newfound riches cemented his status as one of America's elite.

Of course, this only accounted for personal wealth. Compared to the likes of established corporate conglomerates, Martin was still a relative newcomer.

For The Matrix's impending release, Martin had no time to join the promotional tour.

Yet ironically, this news served as the perfect marketing tool!

A movie starring a teenage billionaire? Audiences were naturally curious.

Even The Lord of the Rings: The Fellowship of the Ring, nearing the end of its theatrical run, saw a surprising bump in ticket sales as a result.

Ultimately, the film concluded its run with $426 million at the North American box office (up from $316 million) and $1.042 billion globally (up from $898 million).

"Second-Highest Grossing Film of All Time!" proclaimed The Los Angeles Times.

Their article marveled:

"Peter Jackson, once a B-movie and indie film director, has ascended to the pinnacle with his first commercial blockbuster."

"With $1.042 billion in global box office revenue, the film trails only James Cameron's Titanic ($1.8 billion), surpassing George Lucas's Star Wars Episode I: The Phantom Menace ($1.027 billion) and Steven Spielberg's Jurassic Park ($912 million)."

"It also becomes only the third film in history to surpass $1 billion globally…"

"Peter Jackson has made his mark on cinema history."

"Of course, Jackson owes much to Martin Meyers. It was our young prodigy who championed Jackson and portrayed Legolas, propelling the film to its extraordinary success. As the Chinese saying goes, 'A thousand-mile horse is common, but a true connoisseur who recognizes such talent is rare.'"

"For Peter Jackson, Martin was undoubtedly the one who discovered his potential."