𝕏 Hospitality

@elonmusk First Principles Physics our only limit The Algorithm Ultra Hardcore 🚀🚀🚀

@khzny Awesome! Watched this project closely from the time you first started posting about it…approvals, demo of the old stuff, etc. Was always clear it would be a massive win for you and the community!

SOLD! We will miss Adelaide - it is our best work yet. Congrats to the buyers - the building is in great hands.

@TargaGordon @MollySOShea @BenMillerise Yes, and therefore will get the headlines as a rug pull 🙄

@MollySOShea @BenMillerise Good fund but there are some sad retail buying it at $600+ and seeing it as sub $100 right now (Not the funds fault, of course, just the hype went mega)

BREAKING: Inside $VCX — The Public Venture Capital Fund (aka on 𝕏: "mini Anthropic IPO") Portfolio: • Anthropic - 21% • Databricks - 18% • OpenAI - 10% • Anduril - 7% • SpaceX - 5% Fundrise CEO Ben Miller (@BenMillerise) breaks down the launch of their publicly listed closed-end fund, Fundrise Growth Tech Fund (NYSE: $VCX) ..and why it has gotten so much insatiable demand. VCX debuted at roughly $700M valuation & surged +18x, with shares spiking to $575, way above the estimated net asset value (NAV) per share of $18.97. VCX debuted on the NYSE March 19, 2026 giving over 100,000 investors access to a portfolio of top private companies including Anthropic (~20%), Databricks (~18%), OpenAI (~10%), Anduril, & SpaceX How we got here? Private markets are now where most value is created. VCX portfolio companies grew ~193% vs ~25% for public tech benchmarks, highlighting the gap between private and public market growth. Meanwhile, IPO timelines have stretched from ~3–5 years to 10–15+ years, meaning public investors are increasingly missing the highest-growth phase. We discuss how VCX works as a closed-end fund, why it has traded at a premium (despite most closed-end funds trading at discounts), & how @fundrise accessed top-tier companies during the 2022–2023 venture downturn — including buying from distressed sellers and stepping into competitive rounds. We cover: • VCX launch & @NYSE debut • Portfolio (Anthropic, OpenAI, Databricks, SpaceX) • Risks: volatility, cycles, and downside scenarios • Will megafunds like a16z or General Catalyst go public? • Private vs public market growth gap (193% vs 25%) • Macro shift: value creation moving to private markets • IPO window + why companies stay private longer • How Fundrise sources and wins allocation • Closed-end fund structure, NAV, premiums/discounts 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Benjamin Miller, Co-Founder & CEO at Fundrise (01:12) The idea that almost got rejected (04:27) How the 2023 crash created big opportunities (05:54) From $700M to $6.5B in days (07:38) How a closed-end fund works (11:09) Inside the VCX portfolio (OpenAI, SpaceX, Databricks) (14:50) What Robinhood & Destiny are doing (17:02) Why private markets are pulling ahead (21:38) IPO environment right now (22:17) The SaaSpocalypse & market volatility (25:55) What happens if VCX trades down (27:39) How VCX moves through cycles (31:25) How they decide where to invest (35:45) Investment size and scale (36:59) Most underrated portfolio company (40:37) Biggest lesson: pain = success (43:30) Origin story: why Fundrise exists (47:12) Will big VC firms go public? (50:52) Future of venture capital (54:05) Biggest risks ahead (57:18) Democratizing venture capital (01:00:56) What’s next for VCX (01:03:05) Dealing with skeptics

@SJBridgerWrites @girdley Yep, agree 100%. Yet, they argue CL is feature/benefit and they are better off…no lost dollars, only mkt cap. Fascinating, in this most hated of all CRE segments. I see an opportunity… Appreciate the dialogue!!!

Partly, but the bigger exposure is the one the Big 3 created for themselves. They outsourced the capital risk to franchisees and their lenders, but they're still operationally dependent on that physical capacity existing. When credit tightens and new rooms stop getting built, the brands have no mechanism to ensure the supply they need.

Once you get into a CapEx-light business, it's hard to unsee the light. Unless you get free money from the government (Chinese banking system, Gov't contractors) or investors (Musk, Altman), it's hard mode. My entrepreneur friends sitting on the most cash are all in CapEx-light businesses.

@SJBridgerWrites @girdley Thank you. +30 years ago, Big 3 hotels ($MAR, HLT, IHG) all went CL and franchising over owning, offloaded Cap risk to franchisees. OTA’s also entered here. Where does this risk live now? Private credit?

@XHospitalityRE @girdley Neither. The structural question is what happens to your sector when every rational operator picks the same side. In hospitality, whoever holds physical capacity when the CapEx-light operators need access is the one setting terms.

@SJBridgerWrites @girdley Can you say more here? In favor, or against Light? I glanced at your site and book, will circle back. This Light or “Heavy” is central to the thesis in a new venture…

@girdley When every rational operator goes CapEx-light, physical capacity concentrates by default into whoever has patient capital. That's not a market feature. It's how entire industries end up with three owners.

@MollySOShea @shaunmmaguire Bought at $NVDA IPO 🤯🤯🤯

Sequoia's @shaunmmaguire on Why Elon's TERAFAB is Underrated: "I’m gonna sh*t on a lot of other investors for a second." “I’m watching people come in with what I’d call 8th grade level education on the industry, trying to make definitive statements.” "I’ve been obsessed with semiconductors since I was a little kid. I literally bought Nvidia shares in the IPO in 1999. I was obsessed with semiconductor fab as a kid, got really deep into the chemical processes that go into making wafers." "People are assigning way too low a probability that it will work.” Hill & Valley Forum 2026 (@HillValleyForum) / @elonmusk . . . “I think it’s underrated because I think people don’t think it’s gonna work. Like I think a lot of people view it—and again, this is a systems-level problem—and I’m gonna just go get sh*t on a lot of other investors for a second. It’s been pretty wild for me as chips became all the rage again. To brag for a second, I’ve been obsessed with semiconductors since I was a little kid. I literally bought Nvidia shares in the IPO in 1999. I was obsessed with semiconductor fab as a kid, got really deep into the chemical processes that go into making wafers. If you think about the silicon industry, from the mid-50s to the mid-90s, the bottleneck was actually chemical steps. It was not lithography—it was making ultrapure wafers, which require 20+ chemical steps. Then it flipped to lithography, and EUV became probably the hardest single step in semiconductor manufacturing. But there’s all these investors that, three years ago, had never done anything in hardware, had never thought about semiconductors, that are brand new and think that they’re experts. I’m not trying to say I’m an expert—there’s a lot I need to learn—but I’ve at least been paying attention to this field for a very long time. And I’m watching these people come in with what I’d call eighth-grade-level education on the industry, trying to make definitive statements around what the bottlenecks are, what’s gonna be hard. They’re basically just parroting each other. It reminds me a lot of when people were trying to assess the likelihood of reusable rockets working in 2014, or Starlink working in 2019–2020, where everyone would tell me to my face: it will not work. Or when people were saying self-driving will never work. Especially with camera-only—where Elon was a contrarian doing camera-only rather than vision plus lidar. All these things fit the same pattern of people thinking superficially when they’re brand new to a field, then having strong opinions on how things are gonna work. And I think that on TERAFAB, people are assigning way too low a probability that it will work. I personally feel confident that it will. Timeframe—there are questions—but I’ve thought through all the different steps. Almost everyone, when you talk about TERAFAB, they’re like, ‘but what about EUV?’ And EUV is something they first learned about in the last 18 months. It’s comical to me."

@HarryStebbings Getting to 1 from zero is the best thing ever, with only one exception…going from 1 forward

I do not ever want to back “zero to one” founders. We are here to back founders that create and change industries. Zero to one is a mindset. Saying it’s not you is a choice.

@wolfejosh Have followed you from 2009. Two words I learned from you and incorporate daily: Optionality. And Entropy. Both have given me competitive advantage.

If you understand this you are competitively advantaged

@SaulAlejandr00 Rubber Band Man 🎶

Anyone know the name of this Mumford & Sons song? #SNL

@scaling_shields @Bryanbuildsss INVESTORS

why beg for warm intros when you can cold email 50,000 investors DIRECTLY i'm giving away a free database with: - VCs - angel investors - family offices direct contact info for all of them raising funding just got STUPID easy like + comment "INVESTORS" and i'll send it over (must follow + RT for priority access)

@FBIDirectorKash There are no blood spots on the entrance at this point

New images in the search for Nancy Guthrie:   Over the last eight days, the FBI and Pima County Sheriff’s Department have been working closely with our private sector partners to continue to recover any images or video footage from Nancy Guthrie’s home that may have been lost, corrupted, or inaccessible due to a variety of factors - including the removal of recording devices. The video was recovered from residual data located in backend systems.   Working with our partners - as of this morning, law enforcement has uncovered these previously inaccessible new images showing an armed individual appearing to have tampered with the camera at Nancy Guthrie's front door the morning of her disappearance.   Anyone with information, please contact 1-800-CALL-FBI or visit tips.fbi.gov

@NateAFischer @WillManidis I agree. But I think the endgame has become so clear, anything other than pursuing it seems like boredom in the middle game. And the way the “big” game has come to him in this massive scope and scale, tells him he is correct in pursuing the end game and let the middle play out.

Musk’s acquisition of Twitter was an aggressive and outside-the-box “short game” move that altered the course of the 2024 election and more. He now seems to be using it for a sort of “middle game” purpose of scaling / training Grok, but in a way that more or less takes it as a static resources toward this purpose than as a serious long-term asset. But if he were more serious about the middle game I suspect he’d do far more with X — significantly reshaping the algorithm and building compelling new ways to organize people. There are a number of areas of opportunity that have not been pursued.

@BigTenNetwork @IndianaFootball @bigten @AdamsonAshley If this lineman thing doesn’t work out, dudes got a future as the next Tommy Boy. And I could not mean that with more affection

Carter Smith had a false start on No. 1 @IndianaFootball's last drive. The @bigten's offensive lineman of the year couldn't have been more relieved that his teammates picked him up. Watch his entertaining interview with @AdamsonAshley 👇

@FabKinnan Cool that its in your pinned tweet

Time to let this ol’girl go. For Sale-1975 International Travelall 392 engine, 4 speed transmission-rebuilt, new drive lines. $25,000 Help me out and repost?

@m_goes_distance @niccruzpatane Nope. Lesson: Be a fvcking Jensen

@niccruzpatane lesson: dont be a fvcking sega

Sega invested $5 million in Nvidia in 1996, converting the final payment from a failed contract to develop a graphics chip for the Sega Dreamcast console. Sega sold its shares shortly after Nvidia went public, realizing a return of $15 million—a 3x return in about four years. Jensen says that if Sega had kept its investment, it would be worth around $1 trillion today. Epic story.

@ricburton @dylanbo is my Mt Tam Cam @runfreetrail

I love to check the Mt. Tam cam in the morning

@paulg Slightly different, but same: $ Digital treasuries 🚀

This is one of the cleverest stories in startups. For years we'd been worrying about how to finance the airliner. Then Boom realized that if they could build jet engines, they could build gas turbines, and fund the airliner with the profits.

@pragmatictake @Beuysaunt Haha max nominative determinism @BillAckman @wolfejosh

@Beuysaunt How could he say no to a guy named Wolfgang Hammer? Legendary name

ari was the best boss i ever had. I was working in his movie studio. my first real job. nobody in hollywood would touch us. i dig up the old bbc house of cards, fall in love with it, get the rights, spam him the remake idea for a year. nothing. not even a no. just nothing. one day he’s trying to sign fincher. i’m about to pitch, thinking i’ve had it with this shit, when he turns to me and goes: “what about that fucking show you keep sending me?”

@ScottMcKeon_ @HarryStebbings @jacksondahl 👆🏼

@HarryStebbings Dialectic ft Chris Sacca cc: @jacksondahl

Best podcast episode you have listened to in the last 7 days go…

@david_perell The galactic mindfuck here, is the enormous distortion caused by printing unlimited dollars since the GFC. That said…something something play the hand you’re dealt.

An investor friend told me that when you're raising money, a fund doing a steady 15% with a crisp story will be more attractive to investors than a fund doing 20% with a muddy one. He insists that institutions are buying clear narratives as much as returns. There's a general pattern here: The higher you climb up the capital ladder, the more money starts to feel... fake? Big pools of capital behave nothing like small ones. So fundraising isn't just about the product you're selling but also the story wrapped around the product — and it's often easier to raise money by improving your story than improving your product. Story-building is its own craft, which is why some people are known more for their fundraising ability than their investing or operating ones. This is very different from how I was taught to think about money. I always thought there was a finite pool of it. The more you spent, the less you had. Simple as that. But if you look at public markets, you'll see that things don't actually work that way. Think of all the public companies that've suddenly added billions to their valuation by simply adding the words "artificial intelligence" to their corporate strategy decks. To a rational actor, this seems absurd, but it's the way of the world. As a friend said to me at dinner tonight: "When the narrative is compelling enough, money appears."