J. Cal

And so a $14 billion valuation would be 500 times revenue, Chamath. I'm not sure who would pay for that deal. But this deal is unique in that it's called pay to play. If you don't know that term, it basically means if you're an existing investor, if you don't invest in this round, you're going to lose your existing shares or have them diluted massively.

And so a $14 billion valuation would be 500 times revenue, Chamath. I'm not sure who would pay for that deal. But this deal is unique in that it's called pay to play. If you don't know that term, it basically means if you're an existing investor, if you don't invest in this round, you're going to lose your existing shares or have them diluted massively.

So some investment bank out of the Seychelles, which is that tiny island in Africa that rich people go on vacation, was supposed to put in 200 million. That firm was called Silver Bear. The other $250 million would come from a firm called The London Farm in marketing capital and credits on a venture investing platform. So anyway, there's a ton of carve-outs here and other stuff.

So some investment bank out of the Seychelles, which is that tiny island in Africa that rich people go on vacation, was supposed to put in 200 million. That firm was called Silver Bear. The other $250 million would come from a firm called The London Farm in marketing capital and credits on a venture investing platform. So anyway, there's a ton of carve-outs here and other stuff.

I'm going to stop there at the notes and just, Sax, this is the craziest story. Sorry it took so long to get here. What are your thoughts on what we're seeing here in this drama and this Zerp valuation?

I'm going to stop there at the notes and just, Sax, this is the craziest story. Sorry it took so long to get here. What are your thoughts on what we're seeing here in this drama and this Zerp valuation?

Founder authority, founder responsibility.

Founder authority, founder responsibility.

And what does winning have? Really talented, really driven people in different positions who understand their position.

And what does winning have? Really talented, really driven people in different positions who understand their position.

Are held accountable for their positions.

Are held accountable for their positions.

Well, I mean, if Adam Newman had listened to a lot of the smart people he had hired at WeWork, he might not have signed leases that were so high priced and gotten away from the playbook that worked when they started that business, which was find the cheapest real estate, charge the highest price you can for it by making it, you know, a community and really nice.

Well, I mean, if Adam Newman had listened to a lot of the smart people he had hired at WeWork, he might not have signed leases that were so high priced and gotten away from the playbook that worked when they started that business, which was find the cheapest real estate, charge the highest price you can for it by making it, you know, a community and really nice.

As opposed to hiring the class A, getting the class A space and then charging a B price.

As opposed to hiring the class A, getting the class A space and then charging a B price.

I have the perfect example of this. When I was running Weblogs Inc., we were going to raise a round of funding. Mark Cuban had given us the first 300, and Mark Andreessen was gonna give us 500K for our blogging company that did Engadget, et cetera. And I had met Jeff Bezos and I told him, I'm in Seattle this week, would love to catch up with you.

I have the perfect example of this. When I was running Weblogs Inc., we were going to raise a round of funding. Mark Cuban had given us the first 300, and Mark Andreessen was gonna give us 500K for our blogging company that did Engadget, et cetera. And I had met Jeff Bezos and I told him, I'm in Seattle this week, would love to catch up with you.

I wasn't in, I said, I was gonna be in Seattle next week for the whole week, would love to catch up with you. I wasn't planning on being in Seattle. I made that story up just to make it convenient for him. And he said, sure, come by on Tuesday or whatever. I come by on Tuesday, I sit with Jeff Bezos, my partner, Brian Alveai. And the intellectual curiosity he took

I wasn't in, I said, I was gonna be in Seattle next week for the whole week, would love to catch up with you. I wasn't planning on being in Seattle. I made that story up just to make it convenient for him. And he said, sure, come by on Tuesday or whatever. I come by on Tuesday, I sit with Jeff Bezos, my partner, Brian Alveai. And the intellectual curiosity he took