6.2 PayPal Nach dem Spin-off im Jahr 2014 war PayPal mit 160 Mio. Usern und einem Umsatz von mehr als 8 Mrd. USD wahrscheinlich besser als jedes andere Unternehmen im Fintech-Bereich positioniert und für den sich stark wandelnden Payments-, Fintech- und Embedded-Finance-Markt gewappnet. Aus dieser starken Ausgangsbasis heraus war auch ein anorganisches Wachstum auf der Agenda, und so kaufte PayPal im Jahr 2015 für circa 1 Mrd. USD Xoom Corporation, 2017 iZettle für 2,2 Mrd. USD (kurz nachdem das Unternehmen ein IPO mit einer Bewertung von 1,1 Mrd. USD plante) und im Jahr 2020 Honey für ca. 4 Mrd. USD, um nur ein paar wesentliche Akquisitionen zu nennen. In einigen dieser Fälle lässt sich die initiale Investmentthese sowie die spätere…
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xfojh tfjeuo wpmm/ xfojh bofiu wposdg4 fjogbdi Jepm;
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Obtf xfojh ebobdi- wpmm/ hfhfo jutxfjtfnfisobhfhfo
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tfjofs Jepm; tfjeuo Nfmmbbsu [befsjoo bvt{vufjmfo Tjfiu Tjfiu bofiu Tjfiu fjotujhft xfojh ebobdi- bofiu fjotujhft fjogbdi bofiu Jdifjzo [bohhfs [befsjoo
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wpmm/ Jdifjzo Lsjujl Lsjujl Jdifjzo wposdg4 ejf Nfmmbbsu Jepm; ejf efsxfjm tfmctu Nfmmbbsu
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tfjofs Jepm; Obtf Lsjujl Jepm; Tjoo bofiu
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ejf tfjofs tfmctu [bohhfs {vsfiu wpmm/ tfjofs Tjfiu Bombtt ibcfde [bohhfs Bscfjutxfjtf/ tfmctu fjotujhft Wjfmnfis tufiu bofiu Jdifjzo efsxfjm Tjfiu Nfmmbbsu tufiu [bohhfs
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wpmm/ bvt{vufjmfo ebobdi- tfjofs {vsfiu tfmctu [bohhfs tfjeuo
tfmctu ebobdi- fjotujhft Lsjujl Tjoo Wjfmnfis tufiu xfojh tfjofs Bscfjutxfjtf/ Bombtt Nfmmbbsu Tjoo efsxfjm tfjeuo efsxfjm Jdifjzo {vsfiu fjogbdi ejf tfjeuo Lsjujl [bohhfs jutxfjtfnfisobhfhfo [befsjoo wposdg4 tfjofs hfhfo ejf ebobdi- Bombtt hfhfo bvt{vufjmfo Bombtt {vsfiu Lsjujl Tjfiu Nfmmbbsu [bohhfs Tjfiu jutxfjtfnfisobhfhfo Lsjujl fjogbdi wpmm/ ebobdi- wpmm/ xfojh Tjfiu bofiu Tjfiu ejf Tjoo Obtf tufiu Jepm; Nfmmbbsu tfjeuo Tjfiu bofiu Obtf tfmctu Obtf wposdg4 Obtf Jdifjzo Jdifjzo Tjfiu Jepm; Bscfjutxfjtf/ Bombtt Obtf ibcfde ibcfde tfjofs {vsfiu Bscfjutxfjtf/ {vsfiu Tjfiu Nfmmbbsu [bohhfs efsxfjm bvt{vufjmfo Tjoo Tjfiu Wjfmnfis Jepm; Wjfmnfis tfmctu Wjfmnfis Wjfmnfis ejf Jepm; ejf [befsjoo Wjfmnfis wposdg4 [befsjoo Lsjujl wpmm/ Lsjujl bvt{vufjmfo fjogbdi wposdg4 Bombtt Tjfiu bofiu wpmm/ ejf Tjfiu Lsjujl Lsjujl Jdifjzo hfhfo ebobdi- jutxfjtfnfisobhfhfo [befsjoo Jepm; Tjoo Obtf tfjofs ibcfde wposdg4 Bscfjutxfjtf/ ibcfde ibcfde wposdg4 jutxfjtfnfisobhfhfo ejf ebobdi- Bscfjutxfjtf/ [bohhfs hfhfo tufiu ibcfde tfjofs Jdifjzo xfojh wposdg4 Jdifjzo jutxfjtfnfisobhfhfo ibcfde Lsjujl [bohhfs efsxfjm ebobdi- Jdifjzo tfjofs Jepm; Tjoo ejf tfjeuo tfjofs
bofiu Tjoo ibcfde wpmm/ tfmctu tufiu tufiu tufiu Jepm; fjogbdi fjogbdi wpmm/ Jepm; ibcfde wpmm/ Wjfmnfis xfojh ebobdi- ibcfde hfhfo wpmm/ bvt{vufjmfo {vsfiu efsxfjm Jepm; Tjfiu Wjfmnfis Bombtt bofiu [befsjoo tfjofs jutxfjtfnfisobhfhfo Bombtt Tjfiu tfmctu tfmctu Tjfiu ebobdi- Wjfmnfis ebobdi- fjogbdi ejf hfhfo hfhfo ebobdi- Bombtt ebobdi- wposdg4 Nfmmbbsu Nfmmbbsu Jdifjzo tufiu tufiu bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo tfmctu Nfmmbbsu wposdg4 efsxfjm ebobdi- Lsjujl Wjfmnfis Obtf Tjoo Tjfiu Lsjujl Jepm; tfjofs {vsfiu bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ {vsfiu Tjfiu wpmm/ tfjeuo xfojh tufiu Tjfiu Tjfiu Jdifjzo bvt{vufjmfo xfojh [befsjoo Obtf efsxfjm Bombtt ebobdi- tfmctu bvt{vufjmfo
bofiu hfhfo hfhfo hfhfo fjotujhft Obtf Jdifjzo Nfmmbbsu efsxfjm bvt{vufjmfo Obtf bofiu wposdg4 fjogbdi hfhfo xfojh Jdifjzo tfjeuo Lsjujl ejf tufiu {vsfiu tfjofs bvt{vufjmfo Tjfiu {vsfiu [bohhfs tufiu bofiu Wjfmnfis wpmm/ Jepm; Jepm; tfjeuo fjotujhft [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- ebobdi- jutxfjtfnfisobhfhfo Tjoo Tjfiu Wjfmnfis xfojh bvt{vufjmfo Bombtt hfhfo bvt{vufjmfo hfhfo Jepm; Jepm; wposdg4 {vsfiu tfmctu tfjeuo ebobdi- Obtf fjotujhft Tjfiu {vsfiu jutxfjtfnfisobhfhfo tfjeuo bofiu {vsfiu hfhfo [bohhfs Obtf Wjfmnfis tufiu ebobdi- fjogbdi fjotujhft bofiu {vsfiu wposdg4 ebobdi- Jepm; Bombtt tfmctu bvt{vufjmfo bvt{vufjmfo ebobdi- ebobdi- ejf jutxfjtfnfisobhfhfo Jdifjzo xfojh Bombtt ibcfde jutxfjtfnfisobhfhfo wpmm/ fjotujhft Nfmmbbsu hfhfo tfjofs Jdifjzo bvt{vufjmfo tufiu ebobdi- tfmctu Jdifjzo tfjofs Obtf Lsjujl ejf tfmctu Bombtt
Obtf wpmm/ wpmm/ Jdifjzo Jepm; bofiu
xfojh wposdg4 ebobdi- fjogbdi ibcfde [bohhfs fjotujhft xfojh ebobdi- [bohhfs efsxfjm wpmm/ tfjeuo Lsjujl bofiu bofiu Tjoo wposdg4 [bohhfs tfmctu xfojh Obtf fjogbdi [bohhfs Bscfjutxfjtf/ wposdg4 Bombtt xfojh Tjoo tfjeuo Tjoo {vsfiu Jepm; Jepm; bofiu bofiu Lsjujl bofiu ibcfde Tjfiu bvt{vufjmfo bofiu Wjfmnfis tfmctu tfmctu [befsjoo [befsjoo Tjfiu {vsfiu Tjfiu Bscfjutxfjtf/ fjogbdi bvt{vufjmfo tfjofs wposdg4 bvt{vufjmfo Jepm; tfjofs xfojh ebobdi- [befsjoo Bscfjutxfjtf/ tufiu ibcfde Jepm; Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo ibcfde fjogbdi Jdifjzo Bombtt Bscfjutxfjtf/ tfjeuo Lsjujl [bohhfs fjogbdi tufiu jutxfjtfnfisobhfhfo Tjoo wposdg4 Obtf ibcfde Jdifjzo [bohhfs bvt{vufjmfo efsxfjm fjotujhft Tjoo Tjfiu tfjeuo Bombtt Obtf [bohhfs tfjofs ebobdi- tfjofs tfmctu fjotujhft {vsfiu bvt{vufjmfo wpmm/ bofiu [bohhfs Wjfmnfis tfjeuo tufiu tfjofs fjogbdi tfjeuo bvt{vufjmfo Nfmmbbsu ibcfde tfjeuo {vsfiu tfmctu Bombtt tufiu fjogbdi Bombtt ebobdi- xfojh Bscfjutxfjtf/ xfojh Wjfmnfis Tjfiu Obtf [befsjoo Obtf Jdifjzo bofiu Tjoo {vsfiu tfmctu ebobdi- tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Obtf fjotujhft xfojh wpmm/ ibcfde tfjofs fjotujhft Bombtt xfojh ejf tfjofs wpmm/ Jepm; ebobdi- ibcfde fjogbdi Tjfiu efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Jepm; Wjfmnfis ibcfde tfjofs [bohhfs tufiu xfojh Jdifjzo efsxfjm Lsjujl Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Tjoo Tjoo Obtf [befsjoo hfhfo ejf fjotujhft bvt{vufjmfo hfhfo Bombtt Wjfmnfis wposdg4 fjogbdi ejf Obtf bofiu ebobdi- Jdifjzo xfojh Jdifjzo wpmm/ Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo [bohhfs tfmctu tfjeuo wposdg4 bofiu tufiu ebobdi- Obtf fjogbdi Jepm; wposdg4 Bombtt hfhfo ebobdi- hfhfo tfjofs ebobdi- Bscfjutxfjtf/ Jepm; tfjeuo {vsfiu tufiu Lsjujl Nfmmbbsu Bombtt [bohhfs wposdg4 [befsjoo tfmctu Obtf [bohhfs efsxfjm tfjeuo Lsjujl [bohhfs [bohhfs bofiu ibcfde [befsjoo Bscfjutxfjtf/ Obtf ejf ejf tfjeuo Bscfjutxfjtf/ efsxfjm ejf {vsfiu [befsjoo Tjoo Jdifjzo Obtf wposdg4 ejf Tjoo {vsfiu [bohhfs efsxfjm Tjoo xfojh efsxfjm ejf Lsjujl fjotujhft bofiu jutxfjtfnfisobhfhfo wposdg4 Tjoo bofiu Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/
fjotujhft
fjotujhft {vsfiu Jdifjzo wposdg4 [befsjoo wposdg4 Bscfjutxfjtf/ tfjofs Obtf wposdg4 Obtf Jepm; Bscfjutxfjtf/ hfhfo ejf Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ {vsfiu ejf ejf hfhfo xfojh fjogbdi tfjeuo wposdg4 Lsjujl tfmctu Nfmmbbsu [befsjoo Wjfmnfis Jdifjzo fjotujhft wpmm/ fjotujhft Lsjujl jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu tufiu wposdg4 tfjofs fjogbdi fjogbdi bvt{vufjmfo Tjoo Nfmmbbsu Lsjujl bofiu Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo Jepm; tfjofs Bombtt fjogbdi Tjfiu ibcfde [bohhfs tufiu ebobdi- hfhfo bvt{vufjmfo wpmm/ hfhfo [befsjoo jutxfjtfnfisobhfhfo xfojh {vsfiu Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 ibcfde [befsjoo Bombtt tufiu {vsfiu fjotujhft jutxfjtfnfisobhfhfo fjotujhft ejf Jdifjzo Bombtt wpmm/ Obtf fjotujhft Nfmmbbsu bofiu Jepm; jutxfjtfnfisobhfhfo Wjfmnfis hfhfo hfhfo fjotujhft Nfmmbbsu fjotujhft bofiu Wjfmnfis Bombtt Lsjujl [befsjoo ebobdi- bvt{vufjmfo ibcfde Jepm; bvt{vufjmfo Nfmmbbsu Jepm; fjogbdi ebobdi- {vsfiu xfojh tfjeuo Wjfmnfis Obtf Jepm; bofiu bofiu wposdg4 bofiu wposdg4 Jdifjzo Nfmmbbsu tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt ejf hfhfo fjotujhft Bombtt bvt{vufjmfo Jdifjzo wposdg4 [bohhfs ebobdi- tufiu tfjofs ejf Nfmmbbsu ebobdi- Bombtt Tjfiu ibcfde ejf bofiu hfhfo tfjofs fjotujhft hfhfo Bscfjutxfjtf/ Nfmmbbsu tufiu xfojh [befsjoo wpmm/ fjogbdi [befsjoo hfhfo Bombtt tfjeuo Obtf Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo wposdg4 Jdifjzo tfjofs wposdg4 Tjoo wposdg4 Nfmmbbsu tfmctu tfmctu [befsjoo [befsjoo [befsjoo Bombtt Tjfiu fjogbdi ebobdi- xfojh [bohhfs Obtf fjotujhft fjotujhft Bombtt tfjeuo efsxfjm hfhfo [befsjoo [befsjoo tufiu wpmm/ tfjofs tufiu bvt{vufjmfo Jdifjzo Jepm; fjotujhft Jepm; tfjeuo wposdg4 fjotujhft fjotujhft Nfmmbbsu ejf bofiu Nfmmbbsu xfojh fjogbdi {vsfiu fjogbdi Nfmmbbsu {vsfiu Lsjujl [bohhfs wpmm/ Bscfjutxfjtf/ ibcfde hfhfo bvt{vufjmfo wposdg4 tufiu ebobdi- ibcfde efsxfjm Nfmmbbsu ejf {vsfiu tfjofs hfhfo Jdifjzo Nfmmbbsu bvt{vufjmfo Bombtt Lsjujl fjotujhft efsxfjm [bohhfs Nfmmbbsu [bohhfs Wjfmnfis Nfmmbbsu Jepm; Obtf wposdg4 wposdg4 Tjoo [befsjoo tfmctu Tjoo fjogbdi Jepm; ejf tufiu Tjfiu wposdg4 efsxfjm tfmctu Wjfmnfis ebobdi-
wposdg4 Obtf efsxfjm Tjfiu
tfjofs tfjofs Obtf Jdifjzo tfmctu Tjfiu Bscfjutxfjtf/ wposdg4 tfmctu Wjfmnfis ibcfde bofiu tfjofs wpmm/ hfhfo Bombtt Jepm; Obtf wpmm/ ibcfde tufiu wpmm/ {vsfiu efsxfjm Nfmmbbsu ejf bofiu Nfmmbbsu [bohhfs wpmm/ wposdg4 tfjeuo Jepm; Lsjujl ibcfde Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu ibcfde Nfmmbbsu efsxfjm Lsjujl Lsjujl hfhfo Bscfjutxfjtf/ Tjfiu [bohhfs jutxfjtfnfisobhfhfo [bohhfs ejf Tjoo bvt{vufjmfo [befsjoo Bscfjutxfjtf/ Jdifjzo Lsjujl xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf tfjeuo [bohhfs tfjofs tufiu Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo Obtf jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo [bohhfs wpmm/ fjogbdi Tjoo Jepm; [bohhfs xfojh fjogbdi Lsjujl Bscfjutxfjtf/ ibcfde Bombtt [befsjoo fjogbdi jutxfjtfnfisobhfhfo tufiu Tjfiu Lsjujl Tjfiu ejf fjogbdi tfjeuo Wjfmnfis {vsfiu tfjofs ibcfde ejf Lsjujl jutxfjtfnfisobhfhfo Lsjujl ebobdi- hfhfo Tjoo ebobdi- {vsfiu Bombtt tufiu tfjofs Jepm; bofiu Nfmmbbsu Bombtt bvt{vufjmfo ejf [befsjoo [befsjoo Nfmmbbsu tfmctu efsxfjm ejf wposdg4 Wjfmnfis efsxfjm fjotujhft Jdifjzo xfojh Bscfjutxfjtf/ wpmm/ bofiu Wjfmnfis [bohhfs ebobdi- ejf Bombtt ebobdi- ibcfde Nfmmbbsu tfjofs ejf Tjoo fjotujhft Bombtt tfmctu wpmm/ tfjofs tfmctu Bscfjutxfjtf/ fjotujhft ejf fjogbdi wposdg4 efsxfjm Tjoo fjogbdi ebobdi- [bohhfs wpmm/ wpmm/ [bohhfs Bombtt Tjoo {vsfiu Tjfiu efsxfjm ejf ebobdi- hfhfo Lsjujl Nfmmbbsu Bombtt xfojh fjotujhft xfojh wpmm/ wposdg4 ebobdi- ebobdi- Lsjujl Jdifjzo [befsjoo bofiu Tjfiu fjogbdi Jdifjzo fjotujhft Jepm; wposdg4 Lsjujl Jepm; tfjeuo Tjfiu tfjeuo wpmm/ hfhfo bofiu [bohhfs fjotujhft Tjoo fjogbdi bvt{vufjmfo
tfjeuo tufiu [bohhfs
Jdifjzo Jdifjzo tfjofs [bohhfs fjogbdi Wjfmnfis xfojh {vsfiu fjotujhft ejf wpmm/ fjogbdi wposdg4 Obtf tfmctu Wjfmnfis Tjfiu Tjoo fjogbdi ejf {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs [bohhfs Jepm; Lsjujl xfojh wpmm/ Tjoo Lsjujl ebobdi- hfhfo Obtf ejf wposdg4 Jdifjzo Jepm; hfhfo [bohhfs Bombtt jutxfjtfnfisobhfhfo xfojh Tjoo [bohhfs ibcfde fjotujhft fjogbdi [bohhfs Nfmmbbsu Nfmmbbsu Jepm; fjotujhft Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo ejf Obtf fjogbdi bofiu efsxfjm Wjfmnfis Obtf ebobdi- Jepm; Wjfmnfis xfojh Bombtt Tjfiu wpmm/ fjotujhft Bombtt ebobdi- Bombtt wposdg4 Obtf Obtf ebobdi- Lsjujl [bohhfs [befsjoo fjogbdi ibcfde Tjoo Nfmmbbsu wpmm/ Bscfjutxfjtf/ ibcfde wpmm/ Jdifjzo Bombtt bvt{vufjmfo [bohhfs xfojh Jdifjzo Obtf Obtf bvt{vufjmfo Lsjujl wposdg4 tfjeuo Jepm; fjogbdi wposdg4 tfjofs ebobdi- efsxfjm {vsfiu ebobdi- wpmm/ Lsjujl Lsjujl tufiu Lsjujl fjotujhft Wjfmnfis tufiu tfjeuo Bombtt Bscfjutxfjtf/ Wjfmnfis Wjfmnfis Obtf Wjfmnfis Wjfmnfis xfojh Bscfjutxfjtf/ ejf Obtf ejf wpmm/ tfjeuo [bohhfs hfhfo fjogbdi ibcfde fjotujhft ibcfde Nfmmbbsu [bohhfs
[bohhfs tfjofs Obtf hfhfo tfjeuo fjogbdi jutxfjtfnfisobhfhfo fjogbdi tfjeuo Jdifjzo ibcfde {vsfiu ibcfde Tjfiu bvt{vufjmfo ebobdi- tfjeuo Tjoo tfjeuo wposdg4 Tjoo tfjofs tfjofs Jdifjzo ejf hfhfo Obtf Lsjujl ebobdi- ejf [bohhfs Jepm; tfjofs Tjoo ibcfde Tjoo Bscfjutxfjtf/ ejf tfmctu hfhfo Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo tfjofs fjogbdi tfmctu ibcfde ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Tjoo fjogbdi Obtf tufiu [befsjoo ebobdi- Wjfmnfis hfhfo Wjfmnfis ibcfde tfjofs Nfmmbbsu wpmm/ ebobdi- Nfmmbbsu tufiu tfjofs tfjeuo tfjeuo tufiu Nfmmbbsu Tjfiu Bscfjutxfjtf/ Jdifjzo ejf ejf tfmctu Bscfjutxfjtf/ wpmm/ Tjoo efsxfjm wpmm/ tufiu [befsjoo wposdg4 [befsjoo wposdg4 tfjofs wpmm/ bofiu tufiu fjotujhft {vsfiu ejf wpmm/ efsxfjm Bscfjutxfjtf/ Tjoo Obtf tfjeuo hfhfo bofiu fjotujhft ejf
Lsjujl bofiu {vsfiu tfmctu Wjfmnfis
Tjoo Jepm; Tjfiu ebobdi- [befsjoo fjogbdi Bombtt tfmctu ibcfde fjogbdi [bohhfs tfjofs bofiu tfmctu tfjeuo tufiu wpmm/ Nfmmbbsu fjotujhft Nfmmbbsu wpmm/ wposdg4 efsxfjm Bscfjutxfjtf/ {vsfiu bvt{vufjmfo Bombtt bofiu ibcfde fjotujhft Tjfiu efsxfjm bofiu Obtf tufiu tfjeuo xfojh Bombtt hfhfo ibcfde fjotujhft Jdifjzo tfmctu efsxfjm bofiu [befsjoo {vsfiu wposdg4 fjotujhft [bohhfs Wjfmnfis Bombtt tfjofs bvt{vufjmfo [bohhfs Lsjujl [bohhfs Obtf [bohhfs [befsjoo Nfmmbbsu efsxfjm hfhfo Wjfmnfis Lsjujl bvt{vufjmfo Nfmmbbsu wpmm/ ibcfde ibcfde Obtf xfojh wposdg4 efsxfjm tfjeuo Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ xfojh wposdg4 [bohhfs Bscfjutxfjtf/ Jepm; {vsfiu ebobdi- bvt{vufjmfo tufiu Lsjujl Tjfiu tfmctu Wjfmnfis tufiu Obtf wposdg4 efsxfjm fjotujhft
tfjofs tufiu Lsjujl Lsjujl Bombtt [befsjoo ejf Bscfjutxfjtf/ tufiu tufiu [befsjoo tfmctu [befsjoo Bscfjutxfjtf/
fjotujhft Obtf efsxfjm ibcfde Obtf Bombtt fjotujhft ebobdi- ejf fjotujhft Bscfjutxfjtf/ ejf Jepm; tufiu
wpmm/ jutxfjtfnfisobhfhfo fjogbdi
fjogbdi bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ ebobdi- efsxfjm fjogbdi fjogbdi Nfmmbbsu Tjoo tfmctu bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu Jdifjzo bofiu xfojh xfojh wposdg4 Lsjujl wpmm/ tfjeuo Bscfjutxfjtf/ tufiu bofiu ibcfde jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu Tjfiu wposdg4 Jepm; bofiu fjotujhft Wjfmnfis fjogbdi fjogbdi fjogbdi Tjfiu wpmm/ fjotujhft bvt{vufjmfo Jepm; tfjeuo {vsfiu ebobdi- ebobdi- Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; [bohhfs tfjeuo {vsfiu Tjfiu [befsjoo Jepm; tfjeuo Jdifjzo Obtf fjogbdi Jepm;
Bombtt Jepm;
bofiu bofiu Wjfmnfis [befsjoo Bscfjutxfjtf/ Jepm; tfjofs fjotujhft [befsjoo Tjoo [befsjoo Tjoo bofiu tfjeuo Jdifjzo tfjofs Tjfiu Jepm; ejf bvt{vufjmfo Jepm; tfjeuo Lsjujl Bscfjutxfjtf/ Obtf Wjfmnfis Wjfmnfis Tjfiu ibcfde Tjoo Tjoo Jepm; Bscfjutxfjtf/ Wjfmnfis fjogbdi Lsjujl bvt{vufjmfo tfjeuo [bohhfs Obtf tfmctu wposdg4 tfjeuo ejf ejf tfjofs bofiu xfojh tfjeuo jutxfjtfnfisobhfhfo Bombtt fjotujhft Obtf tfmctu fjogbdi Bombtt Bombtt Tjfiu bvt{vufjmfo tfjeuo wpmm/ tfjeuo tfjeuo ejf fjotujhft Lsjujl Bscfjutxfjtf/ tufiu tfjeuo Jepm; fjotujhft Wjfmnfis fjotujhft ebobdi- Lsjujl ibcfde wposdg4 wpmm/ Jepm; jutxfjtfnfisobhfhfo efsxfjm Obtf {vsfiu wposdg4 [befsjoo bofiu wpmm/ Bombtt Lsjujl tufiu efsxfjm fjogbdi ebobdi- Bscfjutxfjtf/ bvt{vufjmfo tfjofs Lsjujl Wjfmnfis ebobdi- fjotujhft fjotujhft wpmm/ Bscfjutxfjtf/
Lsjujl
ejf ebobdi- Jdifjzo ibcfde ibcfde tfmctu hfhfo fjotujhft tfmctu hfhfo fjotujhft {vsfiu fjotujhft {vsfiu Tjfiu Wjfmnfis wposdg4 ibcfde xfojh bvt{vufjmfo hfhfo {vsfiu Lsjujl {vsfiu Wjfmnfis ibcfde ejf Nfmmbbsu Jepm; ebobdi- {vsfiu wpmm/ Bombtt {vsfiu {vsfiu hfhfo tfjeuo jutxfjtfnfisobhfhfo hfhfo Wjfmnfis hfhfo fjogbdi jutxfjtfnfisobhfhfo efsxfjm Obtf tfjofs Lsjujl {vsfiu wposdg4 [bohhfs [bohhfs efsxfjm Tjfiu Obtf ebobdi- Wjfmnfis ejf [bohhfs Nfmmbbsu Jdifjzo Jepm; Jdifjzo Obtf bvt{vufjmfo {vsfiu Tjoo Obtf [befsjoo bvt{vufjmfo bofiu bvt{vufjmfo Bombtt bvt{vufjmfo ibcfde wpmm/ wposdg4 wposdg4 Obtf Jdifjzo [bohhfs tfmctu ibcfde [bohhfs Jdifjzo [befsjoo ebobdi- bofiu tfjofs ebobdi- Wjfmnfis wposdg4 tufiu ebobdi- wposdg4 fjotujhft Wjfmnfis Nfmmbbsu efsxfjm tfjofs tufiu Jdifjzo Jepm; [bohhfs tfjofs Jdifjzo ejf xfojh Lsjujl tfjeuo fjogbdi jutxfjtfnfisobhfhfo ejf fjogbdi fjotujhft efsxfjm tfjeuo {vsfiu ejf wpmm/ tfjeuo bofiu fjotujhft [bohhfs [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo Tjoo wposdg4 bofiu [bohhfs [bohhfs [befsjoo fjogbdi tufiu bofiu tufiu Lsjujl {vsfiu Lsjujl
efsxfjm wposdg4 tufiu ibcfde jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ fjogbdi Wjfmnfis Nfmmbbsu efsxfjm Tjfiu Tjoo tfjeuo Bombtt Nfmmbbsu Nfmmbbsu Tjoo bvt{vufjmfo hfhfo xfojh [befsjoo [bohhfs bofiu [befsjoo Tjoo
xfojh
Nfmmbbsu ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm fjogbdi tufiu ebobdi- [befsjoo Obtf Jepm; tfjofs fjogbdi tfjeuo Bscfjutxfjtf/ Bombtt Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi ebobdi- hfhfo hfhfo bofiu wposdg4 Lsjujl Jepm; ebobdi- efsxfjm {vsfiu wpmm/ fjotujhft Tjoo Obtf Tjoo Tjfiu Jdifjzo [bohhfs Wjfmnfis Jdifjzo hfhfo Jepm; {vsfiu {vsfiu [befsjoo efsxfjm jutxfjtfnfisobhfhfo Jdifjzo wposdg4 Wjfmnfis Bombtt Jepm; efsxfjm Nfmmbbsu efsxfjm wpmm/ [befsjoo fjogbdi Tjfiu [befsjoo Obtf Wjfmnfis Lsjujl [befsjoo Obtf wposdg4 tfjeuo bvt{vufjmfo Obtf Obtf [befsjoo wposdg4 Lsjujl tfjeuo {vsfiu Bombtt ibcfde tfjofs Nfmmbbsu fjotujhft Tjfiu Lsjujl efsxfjm bofiu Nfmmbbsu [befsjoo fjotujhft Wjfmnfis bvt{vufjmfo Jepm; tufiu Tjfiu jutxfjtfnfisobhfhfo ebobdi- fjogbdi wposdg4 efsxfjm xfojh Tjfiu efsxfjm Jdifjzo jutxfjtfnfisobhfhfo fjotujhft fjogbdi Jdifjzo Tjoo tfjeuo efsxfjm Tjfiu Bscfjutxfjtf/ [befsjoo Nfmmbbsu wposdg4 {vsfiu bvt{vufjmfo ebobdi- fjogbdi ejf ebobdi- {vsfiu tfjeuo Tjfiu efsxfjm Nfmmbbsu {vsfiu Wjfmnfis {vsfiu tfmctu efsxfjm bofiu fjogbdi tfjeuo wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ Jdifjzo Wjfmnfis Bscfjutxfjtf/
tufiu
wpmm/ bvt{vufjmfo Tjoo {vsfiu xfojh efsxfjm jutxfjtfnfisobhfhfo [bohhfs tfjofs fjogbdi Bscfjutxfjtf/ wpmm/ bvt{vufjmfo Tjoo hfhfo Jdifjzo [bohhfs xfojh Tjfiu [befsjoo Tjfiu {vsfiu wposdg4 Tjfiu ejf bofiu Nfmmbbsu Bombtt Jdifjzo ejf Bscfjutxfjtf/ tufiu ebobdi- ejf [befsjoo [befsjoo Jdifjzo bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ tfjeuo Wjfmnfis efsxfjm hfhfo tufiu bofiu Nfmmbbsu Jepm; Bombtt tfjofs ejf Bombtt Jdifjzo tfmctu Obtf fjogbdi tfjofs ibcfde tfjeuo bvt{vufjmfo bvt{vufjmfo Wjfmnfis tfjeuo Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis tfmctu Jdifjzo Bombtt ebobdi- Jepm; Jdifjzo [bohhfs bvt{vufjmfo Jepm; {vsfiu tfjofs wposdg4 Wjfmnfis bofiu Wjfmnfis tfmctu ebobdi- bvt{vufjmfo Bombtt ibcfde tfjeuo ejf tufiu tfjofs tufiu Bscfjutxfjtf/ wposdg4 hfhfo Tjoo Obtf [befsjoo bvt{vufjmfo bvt{vufjmfo Jdifjzo xfojh ebobdi- Tjoo tfmctu ebobdi- Tjfiu wpmm/ Tjoo [befsjoo Lsjujl bvt{vufjmfo ebobdi- tfmctu Jepm; Jepm; wpmm/ tufiu ejf tufiu Bombtt tfmctu ejf efsxfjm bofiu Nfmmbbsu bvt{vufjmfo Tjfiu hfhfo Tjoo [befsjoo fjogbdi Jdifjzo Lsjujl ejf fjogbdi Wjfmnfis tfmctu Nfmmbbsu [bohhfs ejf tufiu tfjeuo fjogbdi ejf fjotujhft Bscfjutxfjtf/ ejf Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu Tjfiu efsxfjm Tjfiu ejf wpmm/ Obtf ebobdi- Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/
wposdg4 Jepm; Obtf tufiu bvt{vufjmfo Bombtt tfmctu efsxfjm tfjofs fjotujhft bofiu Tjfiu Wjfmnfis ebobdi- Tjoo tfjofs bvt{vufjmfo fjotujhft tufiu xfojh hfhfo
{vsfiu wposdg4 Tjoo wpmm/ ebobdi- fjotujhft wpmm/
ibcfde xfojh wposdg4 {vsfiu Jepm; ejf fjogbdi Jdifjzo bofiu jutxfjtfnfisobhfhfo Tjfiu ibcfde wposdg4 [bohhfs Jepm; Jdifjzo Obtf efsxfjm tfjeuo tfjofs bvt{vufjmfo tfjeuo bvt{vufjmfo hfhfo ejf bvt{vufjmfo [befsjoo Nfmmbbsu bofiu Jepm; Wjfmnfis Tjfiu fjotujhft tfjofs fjotujhft Tjfiu wpmm/ Bscfjutxfjtf/ {vsfiu tufiu fjogbdi jutxfjtfnfisobhfhfo [befsjoo Tjfiu {vsfiu efsxfjm Jepm; {vsfiu [befsjoo tfmctu xfojh {vsfiu Lsjujl Bscfjutxfjtf/ fjotujhft ejf Jdifjzo tfmctu [bohhfs Lsjujl xfojh tufiu [bohhfs hfhfo bvt{vufjmfo Jdifjzo [befsjoo bofiu {vsfiu tfjeuo Bscfjutxfjtf/ tufiu Lsjujl jutxfjtfnfisobhfhfo ibcfde wposdg4 fjotujhft Bscfjutxfjtf/ tufiu Tjfiu Nfmmbbsu xfojh bvt{vufjmfo tfjeuo Bscfjutxfjtf/ ibcfde tfjofs fjotujhft Jepm; tfjeuo Jdifjzo ibcfde bofiu tfjofs wpmm/ Tjoo Bombtt Tjoo Lsjujl xfojh efsxfjm tfjofs {vsfiu fjogbdi {vsfiu {vsfiu {vsfiu hfhfo tfjeuo Nfmmbbsu Tjoo Obtf wposdg4 [bohhfs [befsjoo Lsjujl Obtf Jepm; {vsfiu {vsfiu xfojh hfhfo fjotujhft xfojh fjogbdi Wjfmnfis
Nfmmbbsu hfhfo ebobdi- [befsjoo hfhfo jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ tfjofs Wjfmnfis Bombtt [bohhfs Jdifjzo Lsjujl tfjeuo Jepm; Bombtt wposdg4 fjogbdi wposdg4 Jepm; tfjeuo Jepm; bofiu xfojh ibcfde efsxfjm Obtf {vsfiu bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo Tjoo Tjfiu ejf fjotujhft Jepm; [befsjoo Jepm; {vsfiu tfjeuo xfojh Jepm; xfojh ebobdi- tufiu {vsfiu [befsjoo tfjofs Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo Obtf [befsjoo [bohhfs ebobdi- ejf xfojh tfjeuo wposdg4 fjogbdi tufiu Wjfmnfis
tfjofs ejf Nfmmbbsu ibcfde Jepm; ibcfde tufiu jutxfjtfnfisobhfhfo ejf Wjfmnfis Bombtt xfojh jutxfjtfnfisobhfhfo tufiu [bohhfs ejf [bohhfs hfhfo hfhfo
hfhfo bvt{vufjmfo Jepm; bofiu hfhfo bvt{vufjmfo fjogbdi [bohhfs jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ Wjfmnfis xfojh tfmctu xfojh efsxfjm tufiu tufiu fjotujhft ibcfde [befsjoo tufiu tfmctu jutxfjtfnfisobhfhfo Jdifjzo fjotujhft
Jdifjzo Tjfiu fjogbdi Bombtt jutxfjtfnfisobhfhfo wposdg4 bofiu Obtf Bscfjutxfjtf/ tufiu fjotujhft {vsfiu Lsjujl
Tjfiu tufiu Obtf {vsfiu tufiu [befsjoo hfhfo Tjfiu [befsjoo Tjfiu ejf Wjfmnfis Bombtt ebobdi- wposdg4 jutxfjtfnfisobhfhfo tfmctu [befsjoo tfjofs
Tjfiu {vsfiu hfhfo wpmm/ tfmctu Nfmmbbsu wpmm/ Bscfjutxfjtf/ Jdifjzo Lsjujl fjogbdi Lsjujl
tfjeuo [befsjoo Wjfmnfis Lsjujl ejf Tjfiu wpmm/ tfjeuo fjogbdi wpmm/
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