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Is It Because of the Regulatory Overhang?
For the big guys, yes, that's definitely Lina Khan and the FTC. But when you're talking mid-market, a company like PayPal or on pick your company that's not sort of in the crosshairs of the regulator, they're just not buying stuff. And even, I'm much more upset about the private deals. Lots of competitors should merge. They just should because private to private, you have a better shot being bigger,. cutting Sgna, improving runway. There should be more of that.