Rory Sutherland

You got to discuss that.

Then you got to discuss, in every merger, there's always a person who does, if you sell the cheap thing to the guy who has the dear thing and you take stock, you win.

And by definition, someone else is losers.

Now, if the industrial logic is enough, the combined entity makes everybody happy.

So that's why that's the first conversation.

But the second conversation is, 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?

I mean, the way I phrase that question makes it clear what the answer is.

Yes, I mean, if you want out, you can get out.

But I also feel like such a Debbie Downer when you talk about these things.

If you were in Delaware...

It's not just you can sell, but you have an opportunity.

I mean, the way to think about it is you had this opportunity.

You want 100% of SpaceX.

You want to hold it for the next 10 years.

And now you want 80% of SpaceX and 20% of something else at the margin.

You might at the margin have not preferred that.

I mean, even on a simplistic revenue multiple,

I mean, if this is an 80-20 split, which is a billion and 250, on a revenue multiple basis, my understanding is, yes, SpaceX is 80, 19 billion, growing 30% profitable, allegedly.

Again, we haven't seen the data.

And the other company is not doing, you know, it's some 4 million in revenue.