Ep 126: How To Steal Tokens. Jail For Misleading Investors. DashDot Administration. Self-Interest In A Superhero Cape. Sharts.

Don, Aaron and Jack unpack a big week in venture, AI and building companies.

• Self-interest in a superhero cape: the CGT carve-out lands, and Tim Doyle tells the Senate that founders are the wrong martyrs, employees holding equity are the real casualties.
• Failed AI startup founder jailed: Metigy's David Fairfull gets nine years for misleading investors and using company money on luxury homes, a warning to anyone running the grey areas.
• The unravelling of Dashdot: the buyers agency collapses with $749 in the bank, 700 creditors owed $16.57 million, and venture debt provider Mighty Partners among the victims.
• You can just steal tokens: Stripe's Emily Sands on the new wave of AI fraud, why token theft is so hard to track, and whether it spells the end of freemium software.
• Salesforce acquires Fin for $3.6 billion: the company formerly known as Intercom completes one of the great SaaS-to-AI turnarounds, and the lessons for founders who have lost product market fit.
• Is there still time? The guys debate whether founders who have not found their AI wedge yet are running out of runway, and where VCs can actually add value on execution.
• Charts of the week: Nvidia's customer concentration, Brisbane property listings and clearance rates after the budget, Big Tech's AI debt binge, open source models closing the gap on frontier labs, margin debt at 2007 levels, and Granola's 400% growth.

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