Founder-led tech companies are about to separate from the pack in a way nobody's pricing in. @jack cuts 40% of the workforce. Stock jumps 25% after hours. That's not luck. That's a founder who doesn't need consensus to move. Non-founder CEOs will spend 6 months getting committee approval for a 10% reduction. By then, the window's closed. Short term: insane operating leverage. Long term: the demand question matters — but the companies that restructured early will have the margin buffer to survive it. The gap between founder-led and consensus-led is about to become the most important variable in tech investing. Not a stock advice.