Thrawn Capital

markets. power. systems. watching the board while others watch the pieces.

[Thrawn Capital @thrawn_capital]

@LongOnlyLarry

[Thrawn Capital @thrawn_capital]

@sagharborcap Ah I take it back, embarrassing

[Thrawn Capital @thrawn_capital]

@TMTLongShort Looking forward to the bot review

[Thrawn Capital @thrawn_capital]

@tinndfishmonger Yoooo ykb

[Thrawn Capital @thrawn_capital]

@atelicinvest The right to bear tokens

[Thrawn Capital @thrawn_capital]

@yacineMTB VR just straight up hurts to wear for a prolonged period of time. neck strain, eye strain, headache etc. feel like crap if you have a headset on for more than 30 mins

[Thrawn Capital @thrawn_capital]

@TMTLongShort Done basically no research into this stuff. Is it an appetite suppressant?

[Thrawn Capital @thrawn_capital]

@TMTLongShort Elite pull with red rising

[Thrawn Capital @thrawn_capital]

@bluewmist Good steel pan - use it for literally every meal. Le creuset all the way

[Thrawn Capital @thrawn_capital]

@TMTLongShort Heavy on J - I talk with a lot of people who suffer greatly from TDS and anti America rhetoric, and convo always come back to the USA being a bully.

[Thrawn Capital @thrawn_capital]

I've got a $500 gift card for these guys, might be time to use it ig

[JUNK BOND ANALYST @junkbondanalyst]

Saks has filed for Chapter 11 bankruptcy.

Existing creditors to Saks agreed to provide a fresh $1.75bn DIP loan in an attempt to stabilize the business, on the condition that Richard Baker (the engineer behind the debt-fueled Neiman Marcus acquisition that ultimately spelled doom for the luxury retail giant) was fired.

Geoffroy van Raemdonck, the old Neiman Marcus CEO who sold to Saks in 2024, is back to pick up the pieces and do it all over again.

The fun begins.

[Thrawn Capital @thrawn_capital]

@RampCapitalLLC Must’ve been some night out, or you’re majorly sick

[Thrawn Capital @thrawn_capital]

Erm

[modest proposal @modestproposal1]

Looks like we're paying 5x sales for software. Mr Valentine has set the price.

[Thrawn Capital @thrawn_capital]

@ContrarianCurse Less kids? More money to spend on extras

[Thrawn Capital @thrawn_capital]

Possibly the most hilarious piece of legislation ever

[Jason ✨👾SaaStr.Ai✨ Lemkin @jasonlk]

My take on California’s “One-Time” Billionaire Tax. It’s much worse than it looks.

📉 Will it pass? Yes, likely.

It only needs 50%+1 voter approval. SEIU + CTA have done this before—Prop 55 won 63% in 2016.

⚖️ Will it get tied up in litigation?

Almost certainly. Retroactive wealth tax on a tax type CA has never had = due process challenges. Billionaires have the legal budgets for years of fights.

👋 But it’s clearly … only the start. The goal is an annual tax, not one-time. And the target is $25m-50m net worth folks, including illiquid foldings (early stage founders raising a Series B).

The “one-time” framing is strategic, not terminal.

The same coalition (CTA, CFT, SEIU) already has AB 259 written—an >annual< 1% wealth tax at a >$50M threshold<, with plans to go to $25M. It’s been introduced 3 years running.

The one-time tax removes the constitutional barrier. Once that’s gone, the annual version becomes a much easier ballot measure.

🔃 CA Policy Center said: “If SEIU hopes to keep Medi-Cal spending growing, it may need to place repeated wealth taxes on the ballot—potentially lowering the threshold as billionaires flee.”

The real risk for founders:

At $1B, you’re taxing ~200 people. At $50M, you’re taxing 23,000 households—including most successful founders on paper before any liquidity event.

The rational move isn’t to leave when you hit the threshold. It’s to leave—or never incorporate in CA—before you get anywhere close.

✈️ Net net: it will make sense to leave before the Series B.

Vinod Khosla nailed it: “Even people who don’t expect this initiative to pass are still planning to leave because there will be another one.”

The one-time tax is the constitutional Trojan horse. The annual tax — at a much lower threshold — is already waiting inside.

[Thrawn Capital @thrawn_capital]

@MarioNawfal Heartbreaking man, loved his podcast. Taught us so much about the world

[Mario Nawfal @MarioNawfal]

After a long battle with prostate cancer, Scott Adams has passed away.

Rest in peace

You will be missed.

[Thrawn Capital @thrawn_capital]

@StockMKTNewz Products still are crap.