Keith Rabois

Yeah, or WhatsApp.

Yeah, or WhatsApp.

You know, honestly, yeah. Without sharing like, you know, one-on-one conversation sort of stuff. I think the question, the burden, they inverted the burden, which is why should we go public? A lot of, a lot of people ask the question the opposite way, which is, you know, why wouldn't I go public? I think their first principle thinkers like put, put my point about Trump.

You know, honestly, yeah. Without sharing like, you know, one-on-one conversation sort of stuff. I think the question, the burden, they inverted the burden, which is why should we go public? A lot of, a lot of people ask the question the opposite way, which is, you know, why wouldn't I go public? I think their first principle thinkers like put, put my point about Trump.

And I think true of Elon, they asked like, why? And they're like, well, what advantages would we get? And I actually think the M&A one is very real. I think they've been able to construct alternatives to most of the advantages, but not every company is going to be able to do that. It took a lot of effort, energy.

And I think true of Elon, they asked like, why? And they're like, well, what advantages would we get? And I actually think the M&A one is very real. I think they've been able to construct alternatives to most of the advantages, but not every company is going to be able to do that. It took a lot of effort, energy.

And then the question is, would you substitute that energy into something else that might be higher value creation if you weren't creating the alternatives to a public structure?

And then the question is, would you substitute that energy into something else that might be higher value creation if you weren't creating the alternatives to a public structure?

So I 100% agree, 100% agree with this.

So I 100% agree, 100% agree with this.

Well, I also agree. So I used to be an antitrust litigator, which I know Jason knows. And I think I hate like, you know, the current leadership, the antitrust division. I called her a fraud. And I think she is intellectually a fraud.

Well, I also agree. So I used to be an antitrust litigator, which I know Jason knows. And I think I hate like, you know, the current leadership, the antitrust division. I called her a fraud. And I think she is intellectually a fraud.

Well, she published a paper that was false. Like her whole claim to fame is this paper about Amazon. And the data in the Amazon, the data she used in the paper at Yale was false. She's too smart to have done it accidentally. Benedict Evans wrote a good critique of it if you want to read all about the data. Second thing is you look at Amazon, which is this alleged quintessential example.

Well, she published a paper that was false. Like her whole claim to fame is this paper about Amazon. And the data in the Amazon, the data she used in the paper at Yale was false. She's too smart to have done it accidentally. Benedict Evans wrote a good critique of it if you want to read all about the data. Second thing is you look at Amazon, which is this alleged quintessential example.

Have you heard of Shopify? Shopify is one of the biggest success stories of the last decade, right down the middle competitive with Amazon. And there was nothing Amazon could do. They lost the core market to a competitor that was started and went public at a very low valuation. And Shopify is dominating D2C commerce. Nobody builds a D2C commerce brand except on Shopify.

Have you heard of Shopify? Shopify is one of the biggest success stories of the last decade, right down the middle competitive with Amazon. And there was nothing Amazon could do. They lost the core market to a competitor that was started and went public at a very low valuation. And Shopify is dominating D2C commerce. Nobody builds a D2C commerce brand except on Shopify.

So everything about her is like a fraud. That said, I don't believe that what she's done has affected, you know, exits very much at all. Because like the truth is in high-end venture, like institutional venture capital, other than the WhatsApp and like maybe like a plot acquisition or something like one every two years.

So everything about her is like a fraud. That said, I don't believe that what she's done has affected, you know, exits very much at all. Because like the truth is in high-end venture, like institutional venture capital, other than the WhatsApp and like maybe like a plot acquisition or something like one every two years.

You don't drive returns in venture to an institutional venture capital fund through an M&A. WhatsApp may be the only one that really drove a fund returning exit to a serious fund. It just doesn't happen that way. I need IPOs to return our funds. Our funds are like billions of dollars. You don't get returns on lots of acquisitions at $50 million to $100 million. Yeah, but a $300 million fund can-

You don't drive returns in venture to an institutional venture capital fund through an M&A. WhatsApp may be the only one that really drove a fund returning exit to a serious fund. It just doesn't happen that way. I need IPOs to return our funds. Our funds are like billions of dollars. You don't get returns on lots of acquisitions at $50 million to $100 million. Yeah, but a $300 million fund can-