00:00:00
You are seeing founders turning down
00:00:02
multi-billion dollar acquisition offers
00:00:04
for startups that hadn't even released a
00:00:06
product yet as if those types of offers
00:00:08
grow on trees and they don't.
00:00:10
You think uh Mirror should have taken
00:00:12
the billion dollar offer from Zach or
00:00:13
Ilia should have taken the 30 billion
00:00:15
sacks? I mean these things never happen.
00:00:17
I guess it depends how much they have in
00:00:19
the bank account. They're both open AI
00:00:21
co-founders. So
00:00:21
they probably sold a bunch of OpenAI
00:00:23
equity at 300 and 500 billion. They seem
00:00:26
like they're free rolling. So they have
00:00:27
no incentive to sell,
00:00:28
which is fine. It's just that there's a
00:00:30
lot of people who've never been through
00:00:31
a bus cycle before and if they think
00:00:33
that this is the normal state of the
00:00:35
world, they're going to be sorely
00:00:37
mistaken. Right now, we're in a part of
00:00:39
the cycle where you can justify that
00:00:40
valuation based on its strategic value
00:00:44
to a multi-t trillion dollar market cap
00:00:46
company, but that only lasts while those
00:00:48
companies are in the market for
00:00:50
strategic acceleration. And if you turn
00:00:52
that down, then you have to make your
00:00:53
company work on its own as an actual
00:00:56
business. And to get to a $30 billion
00:00:58
valuation based on fundamentals, that is
00:01:01
extraordinarily difficult.
