Scott Galloway

I think it's a little more than that, around $650 million in fees, yeah.

There you go.

But again, the key to a luxury brand, the key to irrational margins is manufactured scarcity, and we've never seen it like this.

He's the king of the markup.

Let's just look at the valuation here.

It's currently at around...

$2.1 trillion.

So that means it's trading at 112 times last year's sales.

We've pointed this out before, but Meta went public at 28 times trailing revenue, and they were growing revenues 88% the year before the IPO.

Google went public at about 10 times trailing revenues, growing revenues 240% the year before the IPO.

This is more than 100, and it grew 33% last year.

And in its most recent quarter, it grew 15%.

So it has

I mean, massively lower growth than some of these other IPOs.

In fact, more than an order of magnitude lower growth than many of these very successful tech IPOs.

And then we can just look at the comparison to the price-to-sales multiples of some of the Mag7 companies today.

Met is trading at seven times sales.

Microsoft's at less than 10 times sales.

Alphabet's at around 11 times sales.

I mean, right there, you have your answer.