Acquired · Jan 26TSMC founder Morris Chang
Chang cultivated it early, served on its board and used it for TSMC's New York ADR listing. It advised on funding Apple's demand: keep the dividend, issue no stock, and borrow.
Tips
- Morris Chang took only half of Apple's capacity request and borrowed to fund it▶ 1:24:50Williams accepted, and TSMC still had to borrow billions of dollars even at half the demand.
- Morris Chang planted a Goldman Sachs relationship years before he needed it▶ 1:21:12The board must approve share conversion to ADRs, which today trade at about a 20% premium to the ordinary shares.
