> David: This may be the craziest part about the whole TSMC founding story. I'm 99.9% sure, Ben, you do not know this. Do you know what the pre-money valuation was on TSMC?
> Ben: No, I couldn't find that anywhere.
> David: It was $0. Morris Chang got no equity. Zero.
> Ben: So 100% of the company was owned by the investors?
> David: Fifty percent by the government and the other 50% were owned by the investors. Morris got nothing.
> Ben: And just got to keep his salary.
> David: He was a government employee.
> Ben: Wow.
> David: There by the grace of the government.
> Ben: Oh my God.
> David: Isn't that unbelievable? This is so the opposite of Silicon Valley.
I wonder if there are few things going on here. If TSMC was a success then he would be well enough rewarded and not everyone wants to be a billionaire. Then there is the reduced influence from having no equity. I guess if Chang was dependent on government support and confident in his ability to influence government then having some equity makes little difference?
> Ben: No, I couldn't find that anywhere.
> David: It was $0. Morris Chang got no equity. Zero.
> Ben: So 100% of the company was owned by the investors?
> David: Fifty percent by the government and the other 50% were owned by the investors. Morris got nothing.
> Ben: And just got to keep his salary.
> David: He was a government employee.
> Ben: Wow.
> David: There by the grace of the government.
> Ben: Oh my God.
> David: Isn't that unbelievable? This is so the opposite of Silicon Valley.