Chamath Palihapitiya

What do you think happens if Fitch just taxed 5% of all net worth, and you have a bunch of illiquid private assets?

What are you supposed to do?

What are you supposed to do?

So you can defer it, but you can defer it into one fifth payable for a year for five years.

So you can defer it, but you can defer it into one fifth payable for a year for five years.

So that's not really a deferral.

So that's not really a deferral.

That's just installments that I think they set to five to 7% interest.

That's just installments that I think they set to five to 7% interest.

Let's just say that we could do a financing for something that we've started.

Let's just say that we could do a financing for something that we've started.

But it just, all of a sudden, what is a financing?

But it just, all of a sudden, what is a financing?

It's nothing.

It's nothing.

It's somebody's guess about future value.

It's somebody's guess about future value.

It has nothing to do with today's value, right?

It has nothing to do with today's value, right?

But if a financing for a company all of a sudden would trigger a bunch of phantom tax that's due,