Valid points but this is a business designed for resiliency. This was discussed over and over and over in the roadshow. This is not your average fintech. Founded May 2013 (went through an impeachment). Then the brutal recession 2015-16 (GDP -3.5% then -3.3%), widely called the worst in decades. 2020 pandemic: -3.3%. Nubank launched the card in 2014 and scaled hard through the 2015-16 crisis and the pandemic, reaching ~1M customers by end-2016, ~4M in 2017, ~30M in 2020, and 50M+ by the 2021 IPO. It didn’t just survive grey skies, it grew aggressively in them. That’s a real strength versus many fintechs that only scaled in easier environments.

One of the more incredible side effects of working for Fundrise has been that I land in rooms with some of the most interesting investors in the world. I have been asking the same question: What are you hyperfixated on? Recent answers: - Security - BCI - Drug discovery

One of my accountants, in response to me hitting them with the usual packet of documents, sent back a very obviously LLM drafted list of 10 questions. First thought: What am I paying you for. Second thought: Actually no, my LLM digests your LLM's output into the context window.

Some updates on the creator rev share program: 1. Soliciting engagements (“I’ll follow everyone who replies”) 3 or more times will results in removal from the program and your account will be forwarded to the policy team for suspension. Grok now catches all of these. Nearly 4000 accounts were removed from the program today. 2. Our new model now detects duplicated content at 3x the rate of the previous model. Adding watermarks, intros and other edits will send monetized impressions to the original uploader. This also includes copying viral text posts (most common one: “Twitter is like the smoking section of the internet”). We detected 1.5 million posts that were stolen this cycle. Repeated or intentional circumvention will lead to removal from the program. With these changes, over $1 million will be given back to original content creators.