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Kalash

21. Curious, optimis... • 24d

In 2024: > Visa made $39.4B - owns no banks > Spotify made $17.2B - owns no music > Expedia made $13.7B - owns no hotels > Lyft made $5.7B - owns no cars Lesson? Be the middleman.

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Be the Middleman in 2025: Uber made $80B - owns zero cars VISA made $35B - without any banks Spotify made $84B - no music produced Airbnb made $52B - owns zero property Distribution is the ultimate leverage in this AI Era.

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2024 Uber owns no cars, but made $43.9B Shopee owns no products, but made $12.4B Airbnb owns no properties, but made $11.1B

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