Meta just printed a new currency: stock with no vote. Same quarter, free cash flow went negative for the first time in over a decade: • Capex $34.9B vs $32.8B of cash from operations • No buybacks this year • 2026 capex guided to $135–145B The part I'd copy into a term sheet is the staple. Zuckerberg can sell 20% of his new Class C freely. For the rest, each share sold generally has to be matched by selling a voting share or turning a 10-vote share into a 1-vote one. Gulf family groups heading to IPO want exactly this: outside money, inside control. When a founder asks me for super-voting shares now, I use the Meta test: fine, if cashing out costs you votes too.