Transcript (en)

dollars. Now they're being very quick to dismiss and say, oh, don't worry. That's just an accounting charge related to convertible securities that they've issued. Well, that's, you know, gap accounting is funny like that, that you have to keep track of your liabilities. If you told people you'll give them stock later, then you have to account for the value of that stock. And so, you know, $80.7 billion in losses in the first six months, you know, we don't hear that. Like Our friend Ed is always grinding on run rate or ARR. And they always take, you know, the really good month and they multiply it by 12. They love that statistic. How come we never hear anything about their recurring loss rate or their annualized losses, right? Because if they just lost 80.7 in six months, if my calculations are correct, that's a loss rate of $161.4 billion for 2026. That kind of sucks, Alessandro. and say you do raise $100 billion in your IPO, there is just a tidal wave of dilution coming right behind that. They're going to probably issue more stock, diluting their shareholders, and they're nowhere near a profitable business model. So it buys them time. That's all it does. The underlying issues that are plaguing this company aren't going away.