Wix

“The analogy that I sometimes like is that on the early days of the web, you could use kind of like something that would Create a website for you, right? You could use the equivalent of a Squarespace or for weeks, and that would make you feel good, right? Becau…”

“Wix, by the time it was known, it was already public for two, three years.”

“In both cases, I received what would be politely say very lukewarm feedback from the partnership. In fact, in the case of Wix, it was outright negative feedback.”

“The easy ones are Wix and Fiverr for me, because at the time, You know, I was the first institutional investor to come in both of those.”

“When we had, like, the initial version of the collaboration tool, we had about three or four paying customers. One of them was Wix.”

“Bought for eighty million using the same underlying technology, cloud code, right?”

“The market would say that the Wix acquisition has worked very well and, you know, it's probably going to be fifty million in ARR by the end of the year.”

“And then, and like the business was very profitable.”

“It was either I raise a lot of money and a lot of funding, or I go and join Wix that basically triples my chances at actually building something special.”

“If you're growing less than 20% of a cherry pick basket, 5.1 X AR, Wix is lower. It's not in my basket. 20 to 30, 11.8 X AR. And then the 30% plus, which is Rubrik, Palantir and Figma, average 23.7 X AR, but Palantir and Rubrik push that up.”

“In the absence of data to the contrary, the prior is that the AI first company has the edge in terms of growth, so I'll go at lovable at the margin, but I'm a bit nervous at six billion, just to be clear.”

“4.8 at eight max spends. When you are buying a Super Bowl commercial, you are paying for the airtime of during the Super Bowl, an addition of max spends that you need to invest during the year on the network that have the right for the Super Bowl.”

“Not down, actually up. Because there are so many more things that need to be done today.”

“And we are saying, okay, we are comfortable and TRI of, let's say, 11 months or 12 months, something like that. And if I'm keeping the TRI on 11 months, I have unlimited budgets.”

“It took me, I think, six or seven years and weeks to do what we did in base in, like, months and a half, in two months.”

“I think eight to nine years, and I did some tests with my team that I saw different indication for something that I preached for nine years, and I changed the way that we are measuring everything in three days after I saw those indications.”

“We are going to do two Super Bowl spots this year. One is for Wix, and this is going to be the sixth one that we're doing for the amazing company that I'm part of it in the last 18 years. And in addition to that, we are going to have Super Bowl spots for base …”

“I think TikTok didn't work for me yet. I think that sports endorsement in some kind of way didn't work for me as I expected it to work.”

“Also LinkedIn. I think LinkedIn potential is enormous. The arbitrage, again, is there. The targeting is not perfect as an other solution yet, but I believe that those two are having tons of opportunity for us.”

“The timeframe to create something is getting shorter and shorter and shorter without hurting the results. So you still see some, you know, AI spots that you wish could be better. Especially with, when you implement human insight, but inform five months in a ye…”

“And in our spot this year, the product is going to be in the central. Ok, so we are not going to have celebrity. We are not going to have a lot of hoo-ha special. We are going to have a product. And you are going to see how other people using the product. It's…”

“I never used lifetime value.”

“That means I have a goal of TRI of eight months, and my job is to bring as many, as much money Collection for the company in the TROI that we agreed on.”

“And this is the reason that the people that I think are going to be major key players, A players, A++ players in my team are going to be AI first people.”

“They're afraid to put the product in the center. There are so many emotions, or funny, and you know, in general, it's tricky to tell a story right now in the world, and not to hurt someone. You know, let's be honest, the world is so divided. That you're really…”

“Well, the challenge is their core customer base, their core paid customers declined 1.2% last year.”

“And what they'done better than most public companies is hell with a great acquisition. They got a hundred million of AI revenue on top of it.”

“I think it says the pre-AI business is terminal. That's what the public markets are saying, right? And they don't think that the AI play is enough to rescue it from terminology, right?”

“Shopify destroyed them all. There's no reason to use. This is another category where the low end was destroyed by Shopify, who amazingly went up market and down market successfully at the same time. And there's just, it's not worth it. You can't save enough mo…”

“Wix slashes twenty-twenty-six guidance, cutting 20% of staff, a thousand employees, And cuts outlook by fifty million and revenue by twenty five million.”

“So I usually go to sleep at around five to six AM. And I'd wake up around 11, 11 30, and so that's been my routine. Pretty much it's that I remember myself.”

“I think that it also created another thing which I like is that when you're a smaller company, people want the CEO to solve their problems, you know, like how do we mitigate between arguments and, but by the time I would arrive, most of the things would be sol…”

“I'm not buying the company, that I can tell you”

“So, it's not about how do you prevent people from leaving. Right? And it's more a thing about how you make sure the organization keep being an organization where the vast majority are top talents, right?”

“Wix is way, way, way, way, way more profitable, right? The cost of a Wix, generating Wix website is pretty much zero in comparison, and hosting pretty much zero in comparison. So, way more profitable on Wix than on Base-Four, and the margins are much better.”

“Because if you look at peers, they're doing a vibe coding, the multipart is much higher than the one we would get for base to be a two billion, right? So basically on its own should probably be at eight billion.”

“We make about four hundred million dollars a year in free cash flow, and we invest about 200 and something million into base 44.”

“We've, ah, the M&A of Base-Forty-Four, right? Well, we bought a company with one person. I want to be clear, right? And then we put a lot of people from Wix into that, right?”

“So on Wix, when you generate a website today, we are running a model that we trained. Okay. And it's faster, it's cheaper, but it's also better and it makes less errors.”

“We're trading on others. Companies news. We're not trading on Wix news. We're trading mostly on what OpenAI or Antropic are saying, or Google is saying, right?”

“We actually tried not to build our own. You know, we tried, we tested many different things. It doesn't work.”

“Everybody gonna lose talent, and we are losing talent.”

“So best for the floor is around 400 people. Weeks in total is about including about 3500.”

“The market can stay irrational longer than you can stay solvent, and when I look at, like, a Wix today, trading at 2.1 billion on 2.1 billion of revenue, it's a great example where, like, there's obviously rationality at play, but it doesn't matter.”