Chapter 22 of 23 · 2'28"
Signing The Dilution 签字弃权IMDb ↗
签字前没人告诉你旧股作废
The Social Network · 2010
CEFR B2IELTS 6.5Office雅思Money
Learning settings
Site-wide · saved automatically
Auto-pause at teaching pointsPause and show a card when a teaching point plays
Also pause at golden linesOff by default — highlight only
Mark showcaseWhile playing, sketch-pop mark cards beside the subtitle
Collocation marksBlue dashes; hover for meaning
Slang marksOrange dots: slang / colloquial
Grammar marksPurple dots: clauses / asides
Sound marksGreen waves: linking / weak forms
Subtitles
My level
The story so far
Everything you need before watchingEduardo sits down to sign four documents that reincorporate Facebook. The old shares are now worthless; he can buy new stock, exchange what remains, and lock in a voting agreement. He asks how many shares he will still own. Sean Parker talks dilution for new investors and says Mark does not care about money, so Mark needs protection. Someone offers him a pen. In the deposition, counsel makes him hear the question twice: did he know he was signing his own death certificate? He says no. He thought the lawyers at the table were his. Watch a signature that looks like a celebration, then a goodbye that is really an exit.
爱
Eduardo Saverincofounder / witness
马
Mark Zuckerbergfounder / defendant
肖
Sean Parkerpresident
Chapters
23 parts · AI-cut01Breakup At The Bar约会时总把优越感当成关心B24'14"02Facemash Coding Night失恋当晚有人把怒气写成网站B25'14"03Harvard Network Crash一个玩笑网站把全校弄瘫痪B22'11"04Ad Board Hearing认错的时候还要人先表扬自己B21'57"05Harvard Connection Pitch有人请你合作却不让你进门B22'44"06Facebook Idea Outside有人要把整个大学社交搬上网B22'05"07Deposition And Stall Mails当庭把一封封拖延邮件当铁证B23'25"08Relationship Status Launch上线前把恋爱状态写成功能B23'08"09Gentlemen Do Not Sue先到的人却不肯撕破绅士面子B23'18"10Facebook Me Catchphrase上线才两周连问好都换成新词B21'42"11Monetize Versus Cool合伙人要赚钱创始人死守酷B23'07"12Minimum Attention Speech听证时把注意力公开放在别处C11'34"13Written In Ink在网上伤人后还想当面来求和B22'18"14Sean Parker Wakes Up醒来才发现枕边是行业名人B23'12"15Larry Summers Meeting找校长评理却被劝另做课题B23'45"16Billion Dollar Dinner先把盘子做大再谈广告变现B24'32"17Chicken Cannibalism Story校园恶作剧能被写成虐待动物B23'01"18I Am CEO Bitch有人用失败故事改写你的野心B25'00"19Decide To Sue Him输了比赛才肯把绅士规矩撕掉B22'47"20Get Left Behind人还在纽约就被警告会掉队B23'12"21Frozen Account Blowup冻结资金当晚爱与生意一起炸B23'13"22Signing The Dilution签字前没人告诉你旧股作废B22'28"23Dilution Ambush请你来开会其实是请你出局B23'16"
00:00 / 02:28
GoldenTeaching
Transcript
00:02
Four documents.
四份文件。
00:03
The first two are common stock purchase agreements,
前两份是普通股认购协议，
00:05
allowing you to buy stock in the newly reincorporated Facebook,
让你买进新注册的 Facebook 的股票，
00:08
as opposed to the old shares, which are now worthless .
而旧股现在已经一文不值。
00:11
The third is an exchange agreement
第三份是换股协议
00:13
allowing you to exchange the old shares for new shares,
让你拿旧股换成新股，
00:15
and then finally a voter holding agreement.
最后是一份投票权持有协议。
00:18
How many shares of stock will I own?
我会持有多少股？
00:23
Jesus Christ .
我的天。
00:24
That represents a 34.4% ownership share.
这相当于 34.4% 的持股比例。
00:28
Why the increase from the original 30%?
为什么从原来的 30% 上调了？
00:30
'Cause you may need to dilute it to award shares to new investors.
因为你可能得稀释股权，好把股份发给新投资人。
00:34
- I love working with business majors. - I'm telling you.
——我最爱跟商科生合作。——我就说吧。
00:36
- Economics. - Right.
——是经济学。——对。
00:37
You should know that Mark has already taken his percentage from 60 down to 51.
你该知道，马克已经把自己的持股从 60% 降到了 51%。
00:43
Well, Mark doesn't care about money and he needs to be protected.
马克不在乎钱，他需要被保护。
00:49
Dustin Moskovitz owns 6.81%.
达斯汀·莫斯科维茨持有 6.81%。
00:51
Sean Parker, 6.47%.
肖恩·帕克，6.47%。
00:56
I can live with that .
这个我能接受。
00:57
And Peter Thiel, 7%.
还有彼得·蒂尔，7%。
01:03
Would you like to use my pen?
要用我的笔吗？
01:06
Eduardo? Eduardo?
爱德华多？爱德华多？
01:11
Can you please repeat the question?
能请你把问题再问一遍吗？
01:12
No, it was an outrageously leading question the first time around ,
不行，这本来就是个极其诱导性的问题，第一遍已经够了，
01:14
and now you want us to hear it twice?
现在你还想让我们听第二遍？
01:15
Yes. Would you read it back , please?
要。请你再宣读一遍，好吗？
01:17
Well, go ahead.
那你念吧。
01:18
"Counsel: 'And when you signed these documents,
「律师：『那么当你签署这些文件时，
01:20
"'were you aware that you were signing your own death certificate ?"'
「『你是否清楚，自己是在签一份死亡证明？』」
01:23
No.
不知道。
01:29
It was insanely stupid of me not to have my own lawyers look over all the...
我蠢到离谱，居然没让自己的律师把所有……审一遍。
01:33
In all honesty , I thought they were my lawyers.
老实说，我以为他们就是我的律师。
01:39
I was your only friend.
我曾是你唯一的朋友。
01:43
You had one friend.
你只有一个朋友。
01:49
My father won't even look at me.
我父亲连看都不看我一眼。
01:50
Okay, Eduardo, did Mr. Zuckerberg say anything to you after you signed the papers?
好，爱德华多，你签完文件之后，扎克伯格先生有对你说过什么吗？
01:55
There was a lot of handshaking, a lot of congratulations.
握手很多，祝贺也很多。
01:59
He'd already told me that he wouldn't be
他事先就告诉我，他
02:01
coming back to school for at least a semester ,
至少一个学期都不会回学校，
02:04
so we were saying goodbye for a while .
所以我们是在暂时道别。
02:08
And then before I left he said...
然后我走之前他说……
02:09
But you gotta come back.
可你一定得回来。
02:10
Somewhere around the end of November or early December.
大概十一月底或十二月初。
02:13
Peter wants to throw us an amazing party when we hit a million members .
彼得想在我们破百万用户时办一场超赞的派对。
02:15
It's gonna be out of control . You gotta come back for it.
会热闹到失控。你一定得回来参加。
02:17
A million members?
一百万用户？
02:18
Yeah.
对。
02:20
Remember the algorithm on the window at Kirkland?
还记得柯克兰宿舍窗上那个算法吗？
02:24
Yeah.
记得。
02:29
Yeah, I'll be here.
会的，我会来。
Language points
Click a card to jump to its moment in the videoCollocationB1↩ 00:03
common stock
common stock
普通股
The first two are common stock purchase agreements,
前两份是普通股认购协议，
GrammarB1↩ 00:05
allowing you to buy stock
分词状语：allowing… 修饰协议：这份文件让你能买新公司的股票。
allowing you to buy stock in the newly reincorporated Facebook,
让你买进新注册的 Facebook 的股票，
CollocationB1↩ 00:08
as opposed to something
as opposed to something
与…相对、不同于
as opposed to the old shares, which are now worthless .
而旧股现在已经一文不值。
GrammarB1↩ 00:08
which are now worthless
非限定定语：which 前有逗号，补充旧股现状：现在已一文不值。
as opposed to the old shares, which are now worthless .
而旧股现在已经一文不值。
Pronunciation↩ 00:08
as opposed to
opposed to 连成 oppose-tə，to 弱读。
as opposed to the old shares, which are now worthless .
而旧股现在已经一文不值。
Pronunciation↩ 00:08
which are now
are 弱成 /ər/，重音落在 now 和 worthless。
as opposed to the old shares, which are now worthless .
而旧股现在已经一文不值。
CollocationB1↩ 00:13
exchange something for something
exchange something for something
拿A换成B
allowing you to exchange the old shares for new shares,
让你拿旧股换成新股，
SlangB1↩ 00:23
Jesus Christ
我的天——吃惊或恼火时脱口，正式别用
Jesus Christ .
我的天。
CollocationB1↩ 00:30
award something to someone
award something to someone
把某物授予某人
'Cause you may need to dilute it to award shares to new investors.
因为你可能得稀释股权，好把股份发给新投资人。
GrammarB1↩ 00:30
to award shares to new investors
不定式表目的：to award=为了把股份发给新投资人，解释为何要稀释。
'Cause you may need to dilute it to award shares to new investors.
因为你可能得稀释股权，好把股份发给新投资人。
Pronunciation↩ 00:30
'Cause you may
because 吞成 'Cause /kəz/，三个音节并成一个。
'Cause you may need to dilute it to award shares to new investors.
因为你可能得稀释股权，好把股份发给新投资人。
SlangA2↩ 00:30
'Cause
因为（口语）——because 的弱读，书面写 because
'Cause you may need to dilute it to award shares to new investors.
因为你可能得稀释股权，好把股份发给新投资人。
CollocationA2↩ 00:43
care about something
care about something
在乎某事
Well, Mark doesn't care about money and he needs to be protected.
马克不在乎钱，他需要被保护。
CollocationB1↩ 00:56
live with something
live with something
勉强接受某事
I can live with that .
这个我能接受。
CollocationB1↩ 01:12
the first time around
the first time around
第一回、上一回
No, it was an outrageously leading question the first time around ,
不行，这本来就是个极其诱导性的问题，第一遍已经够了，
CollocationB2↩ 01:12
leading question
leading question
诱导性提问
No, it was an outrageously leading question the first time around ,
不行，这本来就是个极其诱导性的问题，第一遍已经够了，
CollocationA2↩ 01:15
read something back
read something back
把刚说的再念一遍
Yes. Would you read it back , please?
要。请你再宣读一遍，好吗？
Pronunciation↩ 01:15
read it back
read it 的 t 弹成 /d/，像 read-id。
Yes. Would you read it back , please?
要。请你再宣读一遍，好吗？
GrammarB1↩ 01:20
that you were signing your own death certificate
宾语从句：aware that + 从句：是否意识到自己在签什么。
"'were you aware that you were signing your own death certificate ?"'
「『你是否清楚，自己是在签一份死亡证明？』」
CollocationB1↩ 01:29
look over something
look over something
把文件审一遍
It was insanely stupid of me not to have my own lawyers look over all the...
我蠢到离谱，居然没让自己的律师把所有……审一遍。
GrammarB2↩ 01:29
It was insanely stupid of me not to have
it was+形容词：It was + adj + of someone + (not) to do：评价某人没做成某事。
It was insanely stupid of me not to have my own lawyers look over all the...
我蠢到离谱，居然没让自己的律师把所有……审一遍。
SlangB1↩ 01:29
insanely stupid
蠢到离谱——自责加码，正式说 extremely unwise
It was insanely stupid of me not to have my own lawyers look over all the...
我蠢到离谱，居然没让自己的律师把所有……审一遍。
CollocationB1↩ 01:33
in all honesty
in all honesty
老实说、坦白说
In all honesty , I thought they were my lawyers.
老实说，我以为他们就是我的律师。
Pronunciation↩ 01:33
In all honesty
重音砸在 honesty，前面 In all 快过。
In all honesty , I thought they were my lawyers.
老实说，我以为他们就是我的律师。
CollocationA2↩ 02:01
for at least + duration
for at least + duration
至少那么久
coming back to school for at least a semester ,
至少一个学期都不会回学校，
CollocationA2↩ 02:04
say goodbye
say goodbye
道别
so we were saying goodbye for a while .
所以我们是在暂时道别。
CollocationA2↩ 02:04
for a while
for a while
一阵子、暂时
so we were saying goodbye for a while .
所以我们是在暂时道别。
CollocationB1↩ 02:13
throw someone a party
throw someone a party
给某人办派对
Peter wants to throw us an amazing party when we hit a million members .
彼得想在我们破百万用户时办一场超赞的派对。
CollocationB1↩ 02:13
hit a milestone
hit a milestone
达到某个里程碑
这里 hit=用户数破百万
Peter wants to throw us an amazing party when we hit a million members .
彼得想在我们破百万用户时办一场超赞的派对。
CollocationA2↩ 02:15
out of control
out of control
失控、热闹到爆
It's gonna be out of control . You gotta come back for it.
会热闹到失控。你一定得回来参加。
Pronunciation↩ 02:15
It's gonna be
going to 吞成 gonna，It's 弱成 /ɪts/。
It's gonna be out of control . You gotta come back for it.
会热闹到失控。你一定得回来参加。
Pronunciation↩ 02:15
You gotta come
got to 并成 gotta /ˈɡɑtə/，come 紧跟上。
It's gonna be out of control . You gotta come back for it.
会热闹到失控。你一定得回来参加。
SlangA2↩ 02:15
gonna
将会（going to）——口语预告，邮件里写 going to
It's gonna be out of control . You gotta come back for it.
会热闹到失控。你一定得回来参加。
SlangA2↩ 02:15
gotta
必须、得——熟人催人，正式说 have to
It's gonna be out of control . You gotta come back for it.
会热闹到失控。你一定得回来参加。
Teaching points
Review right after watchingMy level
above my level
IronyB2↩ 00:34
i love working with business majors
最爱跟商科生合作（反话）
In the scene爱德华多问持股，肖恩用夸奖口吻嘲他不懂稀释。
I love working with experts who never open the appendix.我最爱跟从不翻附录的专家合作。
In daily life
回呛外行I love working with people who skip the footnotes.我最爱跟跳过脚注的人合作。
auto-pauses
SwearingB1↩ 00:23
jesus christ
我的天（咒骂式惊呼）
In the scene爱德华多听到持股数字，脱口骂出来，不是在祷告。
Good grief, they rewrote the whole fee schedule overnight.我的天，他们一夜之间把收费表全改了。
In daily life
看账单Oh my God, that's the entire deposit.我的天，那是全部押金。
above my level
IdiomB2↩ 01:20
sign your own death certificate
亲手签下自己的末日
In the scene律师把股权文件比成死亡证明，逼爱德华多承认当时不知情。
Approving that clause was like signing away the last of his control.批准那一款，就像把最后的控制权签掉。
In daily life
劝人别签Don't initial that waiver until someone on your side has read it.没人帮你看过之前，别在那份弃权书上画押。
auto-pauses
Phrasal verbB1↩ 01:29
look over
审阅、过一遍
In the scene爱德华多后悔没让自己的律师把文件过一遍就签了。
Have your own accountant look over the lease before you sign.签字前让自己的会计把租约审一遍。
In daily life
交作业前Look over the comments before you resubmit.重交之前先把评语过一遍。
above my level
VocabularyB2↩ 00:30
dilute
稀释（摊薄股权）
In the scene肖恩解释：要给新投资人发股，爱德华多的比例会被摊薄。
Issuing more stock will dilute everyone's percentage.再发股票会摊薄每个人的比例。
In daily life
谈融资The new round will dilute the early team unless we grant more options.新一轮会摊薄早期团队，除非再发期权。
auto-pauses
IdiomB1↩ 00:56
live with that
这个我能勉强接受
In the scene听到达斯汀和肖恩的持股后，爱德华多说这个比例他咽得下。
The timeline is tight, but I can live with a Friday delivery.时间很紧，但周五交付我还能接受。
In daily life
谈条件The fee is high, but I can live with the payment plan.费用不低，但分期方案我还能接受。
above my level
DiscourseB2↩ 01:12
leading question
诱导性提问
In the scene马克这边的律师反对：死亡证明那问法已经把答案塞进问题里。
That's a leading question. Ask what happened, not whether I sabotaged it.那是诱导性提问。问发生了什么，别问我是不是搞砸的。
In daily life
开会追问Don't ask a leading question. Ask what the data actually shows.别诱导。问数据到底显示什么。
Golden lines
A great line in its own right — why and how to use it“as opposed to the old shares, which are now worthless.”
而旧股现在已经一文不值。
Why it's great
用对照句把作废说成手续，刀藏在 worthless 里。
Pattern
as opposed to + 对照项，which…
When to use
要强调新旧两套规则、旧的已经作废时。
Similar
unlike the old shares, which no longer count ／ compared with the previous stock, now void
Register
formal
Shadowing tip
opposed 咬清，worthless 下沉收住。
Use it yourself
改合同This is the new lease, as opposed to the old one, which no longer applies.这是新租约，跟旧的相对，旧的已经作废。
“In all honesty, I thought they were my lawyers.”
老实说，我以为他们就是我的律师。
Why it's great
一句坦白把整场签字改写成没有代理人的投降。
Pattern
In all honesty, I thought + 从句。
When to use
事后承认自己误判、把错觉说出口时。
Similar
To be honest, I assumed they represented me. ／ Honestly, I thought they were on my side.
Register
informal
Shadowing tip
honesty 稍停，thought they 连读。
Use it yourself
复盘失误In all honesty, I thought the reviewer was on our side.老实说，我以为那个审核人是帮我们的。
“I was your only friend.”
我曾是你唯一的朋友。
Why it's great
六个词把股权纠纷收成私人背叛，比死亡证明更疼。
Pattern
I was your only + 名词。
When to use
要指出对方把唯一支持者推开时。
Similar
I was the only one in your corner. ／ You had one person on your side.
Register
informal
Shadowing tip
only 和 friend 都重，句末下沉。
Use it yourself
翻旧账I was your only ally in that room, and you still cut me out.我是那屋里唯一帮你的人，你还是把我踢了。
Monologue
One character carrying the scene — shadow the whole passage❝ 律师宣读四份文件
Four documents. The first two are common stock purchase agreements, allowing you to buy stock in the newly reincorporated Facebook, as opposed to the old shares, which are now worthless. The third is an exchange agreement allowing you to exchange the old shares for new shares, and then finally a voter holding agreement.
四份文件。 前两份是普通股认购协议， 让你买进新注册的 Facebook 的股票， 而旧股现在已经一文不值。 第三份是换股协议 让你拿旧股换成新股， 最后是一份投票权持有协议。
用手续口吻把旧股作废说完，刀藏在流程里。