The founder and head of the Chinese company Xiaomi, Lei Jun, bet 1 billion yuan by overestimating
What did you argue about?
This happened in 2013, when Xiaomi was stilla young green company. On air on one of the Chinese TV channels, Jun met with Dong Mingzhu, the head of Gree Electric Appliances Inc, China's largest manufacturer of air conditioners.
No one pulled Lei Jun’s tongue, but he announced to the whole country that in 5 years Xiaomi’s income will be greater than that of Greene.
“Let the whole country witness:If in five years our income exceeds Gree's, Chairman Dong, please pay me one yuan,” Jun said then. But Mingzhu proposed raising rates to 1 billion yuan, which is now $148.4 million.
Perhaps everyone has already forgotten about this dispute,but recently Gree published its financial report for 2018. The company's revenue was 198 billion yuan ($29.4 billion), which is almost 20 billion yuan more than Xiaomi.
Will Lei Jun admit defeat?and whether Dong Mingzhu will claim his winnings remains unknown; both companies refuse to comment. Possibly because gambling is prohibited on the Chinese mainland. At the same time, Lei Jun is not in poverty and can now afford such “spending”: judging by Xiaomi’s annual report for the Hong Kong stock exchange, over the year he received about $1.5 billion and deservedly became the highest paid employee of Xiaomi.
Do you know that
The most popular Xiaomi products on Aliexpress are:
- 19-in-1 electric screwdriver for easy handling with small parts
- magnetic pad for the very screwdriver
- automatic soap dispenser with frother
- control center smart home Xiaomi
- AirPods killer – Xiaomi AirDots