How does working at a highly liquid private company differ from a public company, and how does CartaX fit in?

Yeah. Again, you have a binary world. You have  today where it doesn't exist at all for private companies and you have tomorrow, you go public and literally your stock price trades every single second.

So again, we want to create that middle ground, and every company will be different. Some companies will think that quarterly transactions is the right cadence. And yeah, maybe it is a little bit of a distraction every time those transactions happen, but it's a lot less of a distraction than what takes place in the public markets when you wake up every morning and your stock price is bouncing around everywhere.

if you do this quarterly, like literally it's just four times a year. Some companies will do it semi-annually. Some companies will do it anually. Some companies will do it monthly, but even if you're doing a monthly it's 12 times a year, you can  trade every single second or you can trade 12 times a year.

You're going to have a lot less potential volatility when trading on your stock. And then as far as the differences between being liquid and private, and liquid and public, I think one advantage, one major advantage is that when you're private, especially through CartaX,  we're only allowing institutional investors to participate in the buy side of this platform.

So if you, as a retail shareholder, if you want to buy shares in Carta, the only way you will be able to do it is if you become a Carta employee. You won't be able to go into CartaX and buy, because you're not an institutional investor. Versus if you as a retail shareholder want to buy shares in Google, you don't have to be a Google employee, you go directly onto your stock trading account and you can buy Google. So once you're public, your stock has commoditized. To your point, I think that's a really important difference there between being private and liquid versus being public and liquid. And I think that being private and liquid gives your company a major advantage of control, not only controlling who your shareholders are and how often your stocks trades, but, in times of economic turmoil, you can imagine when you're public -- like if Airbnb was public today, and the crisis that happened, with COVID and the short term rental market crashed the floor, if they were public, who knows what would happened to their stock price, but it may not be good at all for the brand. Everything would be completely transparent. If they were private and liquid, then number one, these transactions aren't happening that often like they're happening quarterly. But even then, if they want to pull back and say, hey, we're going to actually move one of these transactions six months from now, and we're going to wait until we stabilize the company and then we're going to continue the cadence. Like, you have full control over that as a private company. Once you're public, you don't have any control. Your stock will just trade and it doesn't matter what's happening to the economy. When you're private, you can literally pull back and you can increase the cadence or you can decrease the cadence, but it gives you full control of your company.