Rory Sutherland

At the margin, would you prefer to be a SpaceX investor taking 20% dilution here, or a Twitter slash x.ai investor rolling into the largest market cap private company on the planet, maybe six months before it goes public?

What you just saw is the rehabilitation of the IPO, and I'm going to call it the end of stay private forever.

Elon operates like the Marines, no investor left behind.

The good news is I believe in a balanced scorecard.

The bad news is revenue growth rate is 95% of the balance.

You don't see a bottom until these things are at free cash flow multiples, net of dilution.

And when that happens, that's your bottom.

We underwrite bigness and we underwrite growth, and this is bigly and growthly.

I mean, my favorite Twitter quote, and there have been so many, and you're right, by the way, Harry, every week you come on, you say, this is the most exciting week ever.

This week, it's actually true.

There was so much news, I barely got through it.

But my favorite Twitter quote about this was, Elon has now bought Twitter three times in four years.

He bought it standalone, then he bought it at X, and now he's bought it at SpaceX.

He's bought the same data.

He really likes that product, baby.

I mean, he's literally bought the same company three different ways.

So it's almost like you have to make entire buckets of things to talk about on this.

You know, the whole, does it make sense bucket?

How do you feel it industrially, for lack of a better word?

In other words, do these companies go together and what's the combined rationale for that?