On August 15, after the U.S. stock market closed, Verizon's stock had soared by 71% compared to its IPO price of $10.75, closing at $18.38. With a total of 3.973 billion shares outstanding after the IPO, Verizon's market capitalization surged from its pre-listing valuation of $42.7 billion to $73 billion.
The next day, July 16, marked the final trading day of the week, Friday. Instead of a pullback, Verizon's stock was met with frenzied demand, surging another 51%. It quickly breached the $100 billion mark, closing with a market capitalization of $110.9 billion, making it another tech giant within the Westeros system to achieve a valuation in the hundreds of billions.
Moreover, Verizon's IPO gave the entire Nasdaq market a significant boost.
In just two days, Nasdaq achieved two landmark '5000' milestones:
First, the Nasdaq Composite Index broke through the 5,000-point barrier, closing at an all-time high of 5,073 points on Friday.
Second, the U.S. stock market saw the emergence of its first $500 billion company—Egret. By Friday afternoon, Egret's market value reached $513.6 billion. This remarkable growth came just a month after the company surpassed the $400 billion mark on July 15, further underscoring the frenzy in the tech stock market.
Meanwhile, Cisco, the world's largest networking equipment supplier, closed with a market capitalization of $436.5 billion, becoming another tech titan in the $400 billion league.
In fact, Cisco was the third such company.
Daniels Entertainment, listed on the NYSE, had recently outperformed Cisco in market valuation due to its strong financial performance. By Friday afternoon, its valuation stood at $453.5 billion.
As the Nasdaq Composite Index broke 5,000 points, the total market capitalization of all listed companies on the exchange reached a record $5.96 trillion.
Within this total, the six companies fully owned or absolutely controlled by the Westeros system—Egret ($513.6 billion), Cisco ($436.5 billion), AOL ($296.5 billion), Tinkercad ($263.7 billion), Verizon ($110.9 billion), and Nokia ($138.2 billion, dual-listed in Europe and the U.S.)—combined for a total of $1.76 trillion. This represented a staggering 29.5% of the entire Nasdaq market.
Nearly one-third.
If investments in companies such as Microsoft ($267.1 billion), Intel ($134.1 billion), and smaller tech firms valued in the tens or hundreds of billions were included, the Westeros system's influence over Nasdaq would increase even further.
Even though the Westeros system's meteoric rise over the years had numbed many observers, the data emerging alongside Verizon's IPO and Nasdaq's breakthrough still drew widespread global attention.
Amid the astonishment, controversy inevitably arose.
And so did the growing envy and apprehension among the U.S.'s traditional power structures regarding the continued expansion of the Westeros system.
---
Washington, D.C.
After a busy week, Bill Clinton found himself unable to rest even after dinner. Instead, he convened his Chief of Staff, Leon Panetta, and campaign manager, Chester Carville, to discuss how the recent Nasdaq milestones might affect his upcoming campaign push.
It was already August 16. The Democratic National Convention was set to take place in ten days, where Clinton's nomination for the 1996 election would be officially confirmed.
Clinton's re-election seemed certain.
Once the final candidates from both parties were confirmed, the election would enter its final stretch.
Despite enjoying a 60% approval rating, Clinton remained cautious. After all, U.S. electoral history was rife with cases where early frontrunners were overturned in the final stages.
Sitting on the couch, the clearly distant Clinton couple reviewed identical documents handed over by Leon Panetta. He began, "Wright just met with Joseph Schlarb this afternoon. This is a public relations plan they're preparing to launch soon. The public's biggest concern right now is that the rise of the internet will disrupt traditional industries and lead to job losses. Over the next few months, the Westeros system plans to counter these concerns through targeted messaging, using numerous case studies to address public fears. Detailed data is included in the file."
The rise of the internet industry was arguably Clinton's most dazzling achievement since taking office.
However, this achievement was overshadowed by the fact that the Westeros system controlled too much of the internet sector's benefits. Although this situation was largely unrelated to Clinton—most of the current tech giants had been part of the young man's plans long before Clinton's 1992 election—it was still a political liability.
As the election intensified, neither an easily incited public nor Clinton's opponents would care about such nuances.
The fact that Simon Westeros had become a trillionaire during Clinton's term symbolized extreme wealth concentration and social inequality—clearly the president's fault.
As Clinton flipped through the proposal, which emphasized the internet's ability to create opportunities across various industries, Hillary spoke first. "This plan looks good and might help Bill's campaign, but it's not the key issue. Dole will focus on attacking our overly close ties to the Westeros system."
"In that case," Chester Carville suggested, "perhaps we should preemptively address the issue, as we did with the Kennedy-Kassebaum Act, by changing our stance on the Westeros system."
Recently, Clinton had signed several key pieces of legislation, including those addressing welfare reform, healthcare, and environmental protection. The Kennedy-Kassebaum Act was a notable one, ensuring that Americans could retain health insurance during job transitions or temporary unemployment.
Carville's suggestion was clear.
If Republicans planned to use the administration's ties to the Westeros system as a campaign weapon, the White House should seize the initiative by adopting a tougher stance toward the conglomerate.
As Clinton weighed his options, Hillary quickly interjected, "That's an excellent idea. Chester, do you have specific suggestions?"
Clinton frowned slightly but looked toward his campaign manager.
Ignoring Hillary's repeated interruptions, Carville met the president's gaze and, upon receiving permission, continued, "Target Egret for an antitrust investigation. Its monopolistic behavior is far too blatant, and as the federal government's most valuable company, an investigation would generate the maximum impact in the shortest time."
Egret's monopolistic practices had been a hot topic since it became the most valuable U.S. company. Numerous lawsuits and disputes had emerged but were largely ignored by Washington.
Now, if an investigation were launched, there would be no shortage of ready-made justifications.
Before the Clintons could respond, Leon Panetta interjected, "Chester, have you considered how such an action might affect the Nasdaq?"
The Nasdaq Composite, having just surpassed 5,000 points, was in a clear bubble.
An antitrust investigation against Egret could potentially trigger a market collapse.
Such a collapse would obliterate the Clinton administration's most celebrated achievement of its first term. Worse, furious investors from Wall Street to Silicon Valley—and beyond—would direct their anger squarely at the White House.
The room fell into silence.
Everyone recalled Simon Westeros' attempt earlier this year to curb Nasdaq's excesses through sustained sell-offs and other measures. Despite his trillion-dollar fortune, he had been forced to back down under immense pressure.
The White House, therefore, was even less inclined to take such risks.
Considering the Republicans, the situation seemed like an unsolvable conundrum.
To seize the initiative, the White House would need to act first. Meanwhile, Bob Dole, the Republican nominee, could simply promise to take a hard stance against the Westeros system upon election. Whether he would follow through later was anyone's guess.
After some reflection, Hillary spoke again, addressing her husband. "Bill, you need to make a decision. Act against the Westeros system."
Her stance was firm.
Panetta and Carville exchanged glances but remained silent.
Clinton, who had been drumming his fingers on his knee in thought, felt a surge of irritation at his wife's comment. He understood that Hillary's motives were less about his re-election and more about positioning herself for her own political future.
An antitrust investigation against Egret, if botched and leading to a market crash, would inevitably tarnish him as president. Hillary, on the other hand, might weather the fallout and recover within a few years, continuing her political ascent.
Nonetheless, Clinton was not one to shy away from tough decisions. After weighing the risks, he turned to his Chief of Staff. "Leon, what do you think?"
Panetta hesitated before replying, "Even if the bubble bursts, I believe voters would welcome it."
Indeed.
Angering capital markets would not have immediate consequences, especially since the campaign's funding was already secured.
For voters, the immediate satisfaction of seeing an inaccessible corporate empire brought to its knees would be significant.
Moreover, launching an antitrust investigation against Egret would make it harder for Dole to use this issue in his campaign.
Ultimately, re-election was the top priority.
Having made up his mind, Clinton instructed, "Leon, arrange for Janet to meet with me tomorrow morning."
He was referring to Janet Reno, the Attorney General.
The antitrust investigation would need to be initiated by the Department of Justice.
Panetta nodded but added, "Bill, should we discuss this with Westeros beforehand?"
Clinton considered this briefly but was cut off by Hillary. "No. If the Republicans find out, this
will backfire and become another attack point."
Before Hillary could continue, Clinton interrupted. "These details will be finalized after my meeting with Janet tomorrow."
"Understood. I'll notify Janet tonight."
With the discussion concluded, Clinton shifted topics to avoid giving Hillary further openings. "Chester, let's talk about the situation with the major newspaper unions."
The rise of the internet had profoundly disrupted the newspaper industry, which had seen steep declines in recent years.
With millions of jobs at stake, media unions had become increasingly vocal during this election.
Although everyone knew that the decline of print media, like the advent of steam-powered factories overtaking manual workshops, was irreversible, pledges and promises were still crucial in securing support from this influential sector.
Ironically, this issue also traced back to the Westeros system.
As Clinton continued discussing strategies, he couldn't help but wonder what the young magnate was doing at that moment.
Given that Simon Westeros was in New York, Clinton could be certain of one thing—he was likely surrounded by a bevy of admirers.
This, Clinton admitted, was one aspect of Simon's life he deeply envied.
---
Manhattan
After attending Verizon's IPO ceremony during the day, Simon Westeros remained in New York to oversee follow-up arrangements.
Meanwhile, in Los Angeles, Janet had already flown to Melbourne with their two older children, Nick and Seattle. Jennifer planned to follow with the two younger children the next day.
Simon himself would depart on Sunday.
To minimize risks, Simon had insisted that his family avoid traveling together on the same plane. While Janet had been reluctant, preferring to "die together" if something happened, she ultimately complied with Simon's wishes in most cases.
Contrary to Clinton's speculation, Simon was not surrounded by admirers but was instead attending a gathering at James Raybould's home, organized for senior executives within the Westeros system.
Because of Jennifer's influence, Simon had spent the day accompanied by Irene Lande, but she refrained from joining him at the evening gathering.
"I've always admired Warren Buffett's advice: Be fearful when others are greedy, and greedy when others are fearful. Ray, while Verizon has just raised a substantial amount of capital, I hope you understand that the current overheated market calls for caution. Moving forward, aside from focusing on the mobile communications sector, I don't want to see Verizon making irrational, trend-driven investments elsewhere."
Simon's warning was direct, and Raymond Smith, far from displeased, nodded in agreement. Like many others, he had been deeply impressed by Simon's extraordinary track record over the years.
"Simon, I understand," Smith replied. "On another note, have you considered the possibility of merging AOL with Verizon? It could be a remarkable opportunity."
Simon hadn't expected this suggestion. Studying the 61-year-old Smith, who showed no signs of slowing down despite his age, Simon smiled. "Let's not even discuss the resistance from Washington. Ray, have you spoken with Steve about this?"
Smith nodded, understanding Simon's subtext. "Actually, I've always had a good relationship with Case. While I'm reluctant to admit it, my age is catching up to me. If the merger happens, I'd want to serve as the chairman and CEO of the new company, with Case as my deputy. He's still a bit impetuous, but he's young enough to wait another five years or so."
A merger between AOL and Verizon would indeed be a powerful combination.
Simon had entertained this idea before.
However, while the concept was appealing, its feasibility was another matter entirely.
The biggest challenge lay in the distribution of leadership within the merged entity.
Smith's remarks suggested that this issue might be manageable. At 61, he would likely retire or step back within four or five years.
Nonetheless, merging the two companies would face numerous obstacles.
The sheer scale of the Westeros system made it a target for scrutiny. Even though both AOL and Verizon were firmly under its control, many stakeholders would oppose their unification. A combined entity would surpass even AT&T's former dominance.
Additionally, from a financial perspective, maintaining separate operations for the two companies allowed for more flexible resource allocation and potentially greater returns in their respective markets.
After some discussion with James Raybould, who had just finished speaking with Henry Paulson, the recently appointed CEO of Goldman Sachs, the group concluded that while the merger was worth exploring, its success could not be guaranteed.
In the meantime, the matter would require careful planning and gradual progress.
Ultimately, whether the merger succeeded or not, the decision would depend on navigating the complex landscape of regulatory, financial, and political challenges.
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