In operation, the management of non-listed companies will have more autonomy and concealment. It is understandable that Dell shareholders are not optimistic about the company's prospects: 1. The PC market is in a state of zero growth or even shrinking under the squeeze of mobile consumer products, especially Apple and Android products. 2. In the PC market, the competitive pressure from Lenovo and HP makes Dell lose market share continuously. 3. As far as Dell itself is concerned, it has not been able to effectively explore other product markets other than PC. In terms of product innovation, Dell lags behind its main competitors. Dell himself and his partners are optimistic about Dell's prospects, which may be mainly due to the following reasons: 1. They believe that there is room for improvement in the company's business strategy, such as developing new products, entering new markets and launching low-profit markets. It is speculated that Dell will reduce its low-margin PC business and turn to software, cloud, enterprise services and data center business. 2. I think there is still room for improvement in the specific management of the company, such as reorganizing inefficient departments, optimizing processes, and laying off employees substantially. The company is of strategic value to third parties, especially to Microsoft. Microsoft urgently needs PC manufacturers that still occupy the third place in the global market to support the Windows market. Question 4. Where did Dale get the money to buy Dale? Dell himself holds about 15% of the shares of Dell. The rest of the funds come from the following aspects:-Private equity funds: Silver Fox and MSD Capital. These private equity funds and Dell will become shareholders of the restructured Dell. -Microsoft invested $2 billion in the form of loans. -Bank loans: Bank of America (Merrill Lynch), Barclays, UBS and Royal Bank of Canada. By the way, there are several arbitrage ways or exit strategies after privatization: 1. Split the company. This method is generally only applicable to the situation that the company's existing assets are underestimated due to unreasonable utilization. 2. Re-IPO. After reorganization and rectification, the company improved its efficiency and re-listed. 3. Sell to strategic investors. The so-called strategic investor means that the business of another company has a complementary relationship with the company and there is a synergistic effect. 4. Sell to the next financial investor. This situation is likely to be the failure of privatization. 5. Enjoy cash flow.