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Marcus translates Altman's endorsement of Amodei as IPO risk management, and Musk lands the sharper version
In a September 15 post, Marcus argues Altman's backing of Amodei's pacing proposal decodes to 'we will go as fast as we can without going to jail or getting sued out of existence, but for optics we will call it pacing,' with the actual motive being that 'anything that will reduce regulatory uncertainty is probably great for our IPO.' He quotes Musk's version: 'it's certainly some crazy 4d chess to say there's whatever a 10% chance of annihilating humanity. But by the way, how much allocation would you like in our IPO?' Altman's decision the next day to pull the 2026 IPO and raise privately at $1.2 trillion cuts against the specific mechanism Marcus proposes, which is worth holding against the read.
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