Joe Liemandt

Some of the big names are like, they've sold them a few companies, basically for a dollar, and they're going to split the cash flows and see how they go.

But the point is, there's $20 billion

dollars of those companies out there on the books.

Good luck, guys.

A way to do it is if you're trying to be a hyper growth,

company, your cost structure and your culture, it's just very expensive.

When you say, okay, I don't need that kind of growth.

That's why everything becomes that much cheaper.

I guess there's two dimensions because the Elon example brings it.

First, just though, just growth.

Back to these deals.

You're the private credit guy.

The management team of that failed unicorn have been spending hundreds of millions of dollars to be worth billions and billions.

And that's their culture and attitude.

And if you go in and be like, dude, you're wasting some money here.

They're like, what are you talking about?

We have built a culture around all of this.

And if I change it, I'll lose all the employees.

When you go in, you have to be able to say, we don't care if they don't go like to Elon Musk.

Elon's firing them.