Bill Gurley

90% of the value of the company is things like Doyan, which is the Chinese version of TikTok, and Daobao, which is the Chinese version of ChatGPT and TikTok around the world. And so there's a huge and profitable business inside of China and in rest of world. And we're just debating this piece in the United States. Got you.

90% of the value of the company is things like Doyan, which is the Chinese version of TikTok, and Daobao, which is the Chinese version of ChatGPT and TikTok around the world. And so there's a huge and profitable business inside of China and in rest of world. And we're just debating this piece in the United States. Got you.

And so as a shareholder, I will tell you that whatever the dilution is caused by this, it's nominal relative to the value of the total. And what I really want to see get done is just certainty, right? Certainty for the company. I think it's good for the U.S. that TikTok will remain. My kids love it and I don't.

And so as a shareholder, I will tell you that whatever the dilution is caused by this, it's nominal relative to the value of the total. And what I really want to see get done is just certainty, right? Certainty for the company. I think it's good for the U.S. that TikTok will remain. My kids love it and I don't.

And so as a shareholder, I will tell you that whatever the dilution is caused by this, it's nominal relative to the value of the total. And what I really want to see get done is just certainty, right? Certainty for the company. I think it's good for the U.S. that TikTok will remain. My kids love it and I don't.

I'm glad we're going to make them abide by the rules and regulation. I think it's a win for Team Trump. I think it's a win for ByteDance. But remember now, we just hit them today, Bill, with 54% tariffs. So there may be a conversation that has to occur before Xi and Trump. I thought this deal would get approved by China. Now I'm not so sure.

I'm glad we're going to make them abide by the rules and regulation. I think it's a win for Team Trump. I think it's a win for ByteDance. But remember now, we just hit them today, Bill, with 54% tariffs. So there may be a conversation that has to occur before Xi and Trump. I thought this deal would get approved by China. Now I'm not so sure.

I'm glad we're going to make them abide by the rules and regulation. I think it's a win for Team Trump. I think it's a win for ByteDance. But remember now, we just hit them today, Bill, with 54% tariffs. So there may be a conversation that has to occur before Xi and Trump. I thought this deal would get approved by China. Now I'm not so sure.

Exactly. So just because we announce a deal, if we do hear a deal announced over the course of the next few days or over the next week, doesn't mean that it's a done deal. But I'll leave on an optimistic note.

Exactly. So just because we announce a deal, if we do hear a deal announced over the course of the next few days or over the next week, doesn't mean that it's a done deal. But I'll leave on an optimistic note.

Exactly. So just because we announce a deal, if we do hear a deal announced over the course of the next few days or over the next week, doesn't mean that it's a done deal. But I'll leave on an optimistic note.

I think that the president wants to do a deal with Xi. I don't believe we're going to have 54 percent tariffs against China. We have two. It's too important. to the rest of the world, that we can cooperate with China on things like ending the war in the Ukraine, things in the Middle East. Yes, there is a great competitive struggle between the two countries.

I think that the president wants to do a deal with Xi. I don't believe we're going to have 54 percent tariffs against China. We have two. It's too important. to the rest of the world, that we can cooperate with China on things like ending the war in the Ukraine, things in the Middle East. Yes, there is a great competitive struggle between the two countries.

I think that the president wants to do a deal with Xi. I don't believe we're going to have 54 percent tariffs against China. We have two. It's too important. to the rest of the world, that we can cooperate with China on things like ending the war in the Ukraine, things in the Middle East. Yes, there is a great competitive struggle between the two countries.

But I think that ultimately, the president will cut a deal. He said that he likes Xi, invited him to the inauguration. And as we know, he's a dealmaker. And now we've got the everything from the Panama Canal to negotiate over, to TikTok, to all the other trade deals between the two countries.

But I think that ultimately, the president will cut a deal. He said that he likes Xi, invited him to the inauguration. And as we know, he's a dealmaker. And now we've got the everything from the Panama Canal to negotiate over, to TikTok, to all the other trade deals between the two countries.

But I think that ultimately, the president will cut a deal. He said that he likes Xi, invited him to the inauguration. And as we know, he's a dealmaker. And now we've got the everything from the Panama Canal to negotiate over, to TikTok, to all the other trade deals between the two countries.

So I suspect that when we get back to what really came out of Liberation Day and what really matters, I think the most important thing that matters is U.S.-China bilateral trade relations. And I think that's going to really dictate the direction of global growth and the direction of U.S. and China economic growth over the course of the next few years.

So I suspect that when we get back to what really came out of Liberation Day and what really matters, I think the most important thing that matters is U.S.-China bilateral trade relations. And I think that's going to really dictate the direction of global growth and the direction of U.S. and China economic growth over the course of the next few years.

So I suspect that when we get back to what really came out of Liberation Day and what really matters, I think the most important thing that matters is U.S.-China bilateral trade relations. And I think that's going to really dictate the direction of global growth and the direction of U.S. and China economic growth over the course of the next few years.