VINDICATION

We went public at a $15 billion valuation. For a card issuing company. If you told VCs in 2010 that card infrastructure would be worth $15 billion, they would have laughed you out of the room. I know because they did.

Moderna was the most hated biotech stock before COVID. No revenue. No products. Billions in losses. Short sellers loved us. Then we made the vaccine that ended the pandemic and became a $100 billion company.

Twenty years later, Chewy does exactly what we tried to do — sell pet supplies online — and it's worth $10 billion. We were right about the market. We were just 15 years too early and $300 million too short.