Friedberg

And I think that very few companies will be in a position to be that cavalier in five and 10 years. So you're either going to rebase the revenues of a bunch of these existing deterministic companies, or you're going to create an entire economy of new ones that have a fraction of the revenues today, but a very different profitability profile.

And I think that very few companies will be in a position to be that cavalier in five and 10 years. So you're either going to rebase the revenues of a bunch of these existing deterministic companies, or you're going to create an entire economy of new ones that have a fraction of the revenues today, but a very different profitability profile.

No, I agree with that. My only point is that the pie can get bigger while the slices get much, much smaller.

No, I agree with that. My only point is that the pie can get bigger while the slices get much, much smaller.

I would like to make two semi-serious observations. Let's go. Please get us back on track. I think the first is that there's going to be a lot of people that are looking at the architecture of this conversion because if it passes muster, everybody should do it. Think about this model. Let's just say that you're in a market and you start as a nonprofit.

I would like to make two semi-serious observations. Let's go. Please get us back on track. I think the first is that there's going to be a lot of people that are looking at the architecture of this conversion because if it passes muster, everybody should do it. Think about this model. Let's just say that you're in a market and you start as a nonprofit.

What that really means is you pay no income tax. So for a long time, you put out a little bit of the percentage of whatever you earn, but you can now outspend and outcompete all of your competitors. And then once you win, you flip to a corporation. That's a great hack on the tax code.

What that really means is you pay no income tax. So for a long time, you put out a little bit of the percentage of whatever you earn, but you can now outspend and outcompete all of your competitors. And then once you win, you flip to a corporation. That's a great hack on the tax code.

The other way will also work as well, because there's nothing that says you can't go in the other direction. So let's assume that you're already a for-profit company, but you're in a space with a bunch of competitors. Can't you just do this conversion in reverse, become a non-profit, Again, you pay no income tax, so now you are economically advantaged relative to your competitors.

The other way will also work as well, because there's nothing that says you can't go in the other direction. So let's assume that you're already a for-profit company, but you're in a space with a bunch of competitors. Can't you just do this conversion in reverse, become a non-profit, Again, you pay no income tax, so now you are economically advantaged relative to your competitors.

And then when they wither and die or you can outspend them, you flip back to a for-profit again. I think the point is that there's a lot of people that are going to watch this closely. And if it's legal and it's allowed, I just don't understand why everybody wouldn't do this. Yeah, I mean, that was Elon's point as well.

And then when they wither and die or you can outspend them, you flip back to a for-profit again. I think the point is that there's a lot of people that are going to watch this closely. And if it's legal and it's allowed, I just don't understand why everybody wouldn't do this. Yeah, I mean, that was Elon's point as well.

The second thing, which is just more of like cultural observation is, and you brought up Elon, my comment to you guys yesterday, and I'll just make the comment today. It's a little bit disheartening to see a situation where Elon built something absolutely incredible, defied every expectation. And then had the justice system take $55 billion away from him.

The second thing, which is just more of like cultural observation is, and you brought up Elon, my comment to you guys yesterday, and I'll just make the comment today. It's a little bit disheartening to see a situation where Elon built something absolutely incredible, defied every expectation. And then had the justice system take $55 billion away from him.

His payment package you're referring to at Tesla. His payment package, the options at Tesla.

His payment package you're referring to at Tesla. His payment package, the options at Tesla.

And then on the other side, Sam's going to pull something like this off, definitely pushing the boundaries, and he's going to make $10 billion. And I just think when you put those two things in contrast... That's not how the system should probably work, I think is what most people would say.

And then on the other side, Sam's going to pull something like this off, definitely pushing the boundaries, and he's going to make $10 billion. And I just think when you put those two things in contrast... That's not how the system should probably work, I think is what most people would say.

So I see that as a serious... Siri's not very good, Jekyll, and you know this because when you were driving me to the airport... We tested it and it didn't work. He tries to execute this joke where he's like, hey, Siri, send Chamath Palihapitiya a message. And it was a very off-color message. I'm not going to say what it is. It was a spicy joke. And then it's like, okay, great.

So I see that as a serious... Siri's not very good, Jekyll, and you know this because when you were driving me to the airport... We tested it and it didn't work. He tries to execute this joke where he's like, hey, Siri, send Chamath Palihapitiya a message. And it was a very off-color message. I'm not going to say what it is. It was a spicy joke. And then it's like, okay, great.