Reid Hoffman

It isn't that price is irrelevant. Does the coherent sense of this make sense in terms of what future capital will need, how the entrepreneurs are thinking about their business? And so that's part of where pricing comes in.

It isn't that price is irrelevant. Does the coherent sense of this make sense in terms of what future capital will need, how the entrepreneurs are thinking about their business? And so that's part of where pricing comes in.

It isn't that price is irrelevant. Does the coherent sense of this make sense in terms of what future capital will need, how the entrepreneurs are thinking about their business? And so that's part of where pricing comes in.

Well, in a well-functioning society, hopefully it's acquisitions rather than acquirers. Part of the thing, there's a thread of antitrust that misunderstands their own game. So, for example, the thread of antitrust roughly looks like this. It says, we should stop the aggregation of power in the large companies, so we should block acquisitions.

Well, in a well-functioning society, hopefully it's acquisitions rather than acquirers. Part of the thing, there's a thread of antitrust that misunderstands their own game. So, for example, the thread of antitrust roughly looks like this. It says, we should stop the aggregation of power in the large companies, so we should block acquisitions.

Well, in a well-functioning society, hopefully it's acquisitions rather than acquirers. Part of the thing, there's a thread of antitrust that misunderstands their own game. So, for example, the thread of antitrust roughly looks like this. It says, we should stop the aggregation of power in the large companies, so we should block acquisitions.

And in some cases, limited specific cases, that makes sense. But in general, if you want competition with those large companies from startups, investors, say for example, I'm an investor who's going to put a billion dollars into a company that might compete with one of the large tech companies.

And in some cases, limited specific cases, that makes sense. But in general, if you want competition with those large companies from startups, investors, say for example, I'm an investor who's going to put a billion dollars into a company that might compete with one of the large tech companies.

And in some cases, limited specific cases, that makes sense. But in general, if you want competition with those large companies from startups, investors, say for example, I'm an investor who's going to put a billion dollars into a company that might compete with one of the large tech companies.

I'm only going to put the billion dollars in if I have a chance of an acquisition exit because I'm going to need the billion dollars back possibly. That's a huge loss. So if I am blocked, if you have a regulatory authority to say we are never going to allow that, then I'm never going to do the investment that allows a company to potentially compete with those large tech companies.

I'm only going to put the billion dollars in if I have a chance of an acquisition exit because I'm going to need the billion dollars back possibly. That's a huge loss. So if I am blocked, if you have a regulatory authority to say we are never going to allow that, then I'm never going to do the investment that allows a company to potentially compete with those large tech companies.

I'm only going to put the billion dollars in if I have a chance of an acquisition exit because I'm going to need the billion dollars back possibly. That's a huge loss. So if I am blocked, if you have a regulatory authority to say we are never going to allow that, then I'm never going to do the investment that allows a company to potentially compete with those large tech companies.

And so their theory, which is we're stopping the aggregation of big power, is they're creating more aggregation of big power because they're stopping the financing of competition.

And so their theory, which is we're stopping the aggregation of big power, is they're creating more aggregation of big power because they're stopping the financing of competition.

And so their theory, which is we're stopping the aggregation of big power, is they're creating more aggregation of big power because they're stopping the financing of competition.

Well, I hope so. And by the way, I think it's good for society. It's good for competition. It's good for investing in the competition. And so that's part of the reason why I've kind of made public statements around this, because it's not that I'm saying, oh, antitrust is bogus. I'm saying you actually got the exact wrong theory of the game.

Well, I hope so. And by the way, I think it's good for society. It's good for competition. It's good for investing in the competition. And so that's part of the reason why I've kind of made public statements around this, because it's not that I'm saying, oh, antitrust is bogus. I'm saying you actually got the exact wrong theory of the game.

Well, I hope so. And by the way, I think it's good for society. It's good for competition. It's good for investing in the competition. And so that's part of the reason why I've kind of made public statements around this, because it's not that I'm saying, oh, antitrust is bogus. I'm saying you actually got the exact wrong theory of the game.

Yes, shortly. Look, I'm an investor and all the rest. And I think Figma is an amazing company that's going to – I'm probably going to make substantially more money because the deal was essentially derailed. But there was a bad theory of the case.

Yes, shortly. Look, I'm an investor and all the rest. And I think Figma is an amazing company that's going to – I'm probably going to make substantially more money because the deal was essentially derailed. But there was a bad theory of the case.