Nilay Patel

Explain that decision.

There's a lot of controversy.

There's a lawsuit next to this decision.

Explain that decision.

You're like, this is the policy and it's going to lead to some controversy.

How did you decide, okay, we're going to hold to it?

So the company you're talking about is Compass, which is a reasonably high-end real estate firm.

They have a bunch of software of their own.

They will happily tell you that they're a tech company.

You're obviously in a lawsuit with them.

In every other business I can think of, there is some windowing, right, where you have your first customer.

Netflix and TV is a great example of this, right?

The movie comes out in theaters.

Ted Sarandos has to promise Congress he's going to maintain a 45-day theatrical window if he's going to buy Warner Brothers.

Then it goes to, I don't know, it goes to HBO and then to Netflix and then to the Delta seat back.

And every one of those is a different payment.

And you can see windowing happens across different businesses.

Why do you think windowing is inappropriate in the real estate market?

Wait, how can you window if you can't ever get on Zillow unless you list within 24 hours?

I think this is a thing that I don't quite understand.