Bill Gurley

There were five investors that worked together and signed this letter, so it wasn't just me.

But I think that there were a number of people that were concerned that a change was definitely going to happen.

But if you let it happen through –

The legal world or the government making a change, it was going to be six months to 12 months later, and the erosion was going to be even more.

And there were a lot of constituents in this thing.

You know, a lot of our investors, this was such a big number.

They had already—you know, it was already—

moving the needle for several universities and foundations.

And if it went away, you know, they have paper marks that are going to have to mark it down.

And now felt that weight on me that felt like a lot of responsibility.

So I've said publicly before, you know, if a venture capitalist does their job the right way, you don't get to that point.

So, you know, the thing that I wish I had been able to accomplish

was through leadership preventing us from getting to the place where that hard decision has to be made.

And, you know, if I could play it again, I would spend more time on that than trying to, you know, play the eventual thing that happened any differently.

I think we did the best we could do at that moment and knew there would be consequences.

And there were.

Like, our competitors used it against us constantly.

But...

Anyway, that's how I would summarize the whole thing.

Based on where we were at that point in time, yes.