The Strength of the Strength of Facebook and Twitter From Day One

Facebook and Facebook specifically is the digital representation of our relationship with our friends and families. The total addressable market of people who are interested in a product like Twitter is fundamentally limited. But all those fundamental strengths of the business were there continue to be there. And then when you layer on all the monetization stuff, yes, ATT fundamentally was a shift in their business and they deserve to have a lower valuation going forward because of that.