Bill Gurley

and just invite the U.S. creators onto the French platform or the United Kingdom version of this or the Australian version of this via a VPN or something. So I think the big change here, Bill, is this idea that U.S. TikTok... And global TikTok will continue to use the same algorithm. And it's just a license to the US TikTok would be my guess was part of that bridge or breakthrough.

I think a key thing here is like, how does Altimeter or Sequoia or other US investors? Remember, 60% of the investors in ByteDance are US investors. And the investors in places like Altimeter, they're pension funds, they're teachers, they're firefighters.

I think a key thing here is like, how does Altimeter or Sequoia or other US investors? Remember, 60% of the investors in ByteDance are US investors. And the investors in places like Altimeter, they're pension funds, they're teachers, they're firefighters.

I think a key thing here is like, how does Altimeter or Sequoia or other US investors? Remember, 60% of the investors in ByteDance are US investors. And the investors in places like Altimeter, they're pension funds, they're teachers, they're firefighters.

And if you think about the fair value for ByteDance, I think most people, although it only trades at, let's call it 300 billion, most people think the fair value of this is closer to a trillion dollars or certainly to 800 billion. So if you take 60% of a trillion dollars, that's 600 billion in locked up venture capital value. for all of the endowments and pension funds, et cetera, for U.S.

And if you think about the fair value for ByteDance, I think most people, although it only trades at, let's call it 300 billion, most people think the fair value of this is closer to a trillion dollars or certainly to 800 billion. So if you take 60% of a trillion dollars, that's 600 billion in locked up venture capital value. for all of the endowments and pension funds, et cetera, for U.S.

And if you think about the fair value for ByteDance, I think most people, although it only trades at, let's call it 300 billion, most people think the fair value of this is closer to a trillion dollars or certainly to 800 billion. So if you take 60% of a trillion dollars, that's 600 billion in locked up venture capital value. for all of the endowments and pension funds, et cetera, for U.S.

investors. That's more than almost every other unrealized venture gain put together, Bill, right? And so if you're able to take this company public, that turns into DPI, like hundreds of billions of dollars of DPI that goes out to the investors in these venture funds.

investors. That's more than almost every other unrealized venture gain put together, Bill, right? And so if you're able to take this company public, that turns into DPI, like hundreds of billions of dollars of DPI that goes out to the investors in these venture funds.

investors. That's more than almost every other unrealized venture gain put together, Bill, right? And so if you're able to take this company public, that turns into DPI, like hundreds of billions of dollars of DPI that goes out to the investors in these venture funds.

This company being ByteDance. But we had to get the TikTok deal done as a condition required to get ByteDance public or ByteDance out the door. And so remember, ByteDance, about 90% of ByteDance's business is not TikTok U.S.,

This company being ByteDance. But we had to get the TikTok deal done as a condition required to get ByteDance public or ByteDance out the door. And so remember, ByteDance, about 90% of ByteDance's business is not TikTok U.S.,

This company being ByteDance. But we had to get the TikTok deal done as a condition required to get ByteDance public or ByteDance out the door. And so remember, ByteDance, about 90% of ByteDance's business is not TikTok U.S.,

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.

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.