David Friedberg

I mean, but- Actually, Thomas, can I ask you a question?

What's the percentage float that...

Yeah.

If we look back on SPACs, I think SoFi is above the price, and that might have been one of yours, Chamath.

Joby getting close.

These were venture investments.

These were late-stage venture investments in your mind, Thomas, and then retail investments

tried to become venture capitalists and they didn't have the five, 10 year horizon that we as venture capitalists have.

Is that your assessment of it?

And are there any great ones that came out of the SPAC movement?

Okay, I want to end on this.

You just shared a chart of Applovin and the massive revenue per employee.

This is just astounding.

Thomas, Applovin, as we can see here, had 3.6 million revenue per employee in 21, now up to 7.6 million.

They peaked at 1,000 employees, now down to 750-ish, it looks like.

In related news, obviously, Microsoft, we talked about the other week, let go of 3%.

They are planning on massive cuts again for sales.

These are organizations that are at record cash, record revenue in an industry where we had a tradition of not firing the gray beards and people had been at the company for more than 10 years.

Andy Jassy didn't come up as one of the companies we think is going to win at AI, but it might be the company most impacted by deploying AI inside their enterprise.

He launched Emissive.