Vlad Tenev

So it's literally like 10,000x improvement, which is crazy.

And I was part of this roundtable hosted by the SEC in New York a couple of months ago.

It was called Make IPOs Great Again.

Because one of the big...

I think tragedies of our time is, it used to be that back in the 80s or 90s, a company like Microsoft or Amazon would go public and then normal people can invest in it.

at valuations of hundreds of millions.

And now you've got these gigantic companies, anthropic rumors of secondary at a 900 billion valuation, open AI at 800 and some billion.

And these companies might not go public until they're well into the trillions.

which means for the customer to get that type of public markets return that they got with Microsoft or Amazon of a thousand X, they'd have to go into the quadrillions.

So like the gains are just accruing to a smaller and smaller group of wealthy insiders that just keep getting wealthier and the retail mom and pop normal investors being shut out.

So two pronged attack to solve this, making IPOs great again,

which I think is not just like lowering the barriers and like lowering the legal risks and just the all of that.

But I think it's also changing the perception of being a public company from this chore and annoyance into like, it's kind of cool to be a public company.

You should like embrace it and use it as an opportunity because there are certain things you get that you just can't get otherwise.

And also, the second thing is, you're probably not gonna convince everyone to go public earlier, but if we unlock the privates to retail, the combination of these two things should solve the problem.

You know, I worry, I don't know if you worry about this stuff.

the AI backlash among the people here is extreme.

And I think you juxtapose that against something like crypto.

With crypto, there's like this army of people that defended against government overreach.

And whenever there's a hint of someone coming after your crypto or affecting the price negatively, there's this like whole army of people that just