Dear Lit Fam,

Happy New Year! This year-end letter has become an incredibly important piece for me to publish, as it’s the perfect time to reflect on and summarize my experiences, learnings, mistakes. It helps set the foundation for how I will tackle the year ahead. I know we’re already a few days into the new year but better late than never!

2023 was a year of layoffs, regional bank implosions, the “golden age of private credit”, slow down on rate hikes / inflation. It was also a year full of personal life changes for me and the launch of new businesses.

2024 was another big year spanning the US presidential election, the Diddy downfall, the reversal of the “woke” tide, economic rebound, and the Olympics (which already feels like that was years ago…).

For me personally, 2024 was filled with major business learnings, meaningful growth of the Litquidity ecosystem, capital deployment, and a new relationship.

Oh, and I almost forgot… 2024 was the year my identity was revealed. I was able to keep my identity hidden (at large) for nearly 7 years and will miss the period of anonymity, which I felt added to the brand. Thank you to Madison Darbyshire at the Financial Times for allowing me to share my story. More on the reveal later in this piece.

Heading into 2025, my mind is clearer than ever, I’m in the best shape of my life, and I’m filled with optimism. The year was not without its ups and downs and I’ll go into them in depth below.


As always, this letter will cover my experiences, observations, learnings, and predictions in various categories:

  1. Business Building

  2. Digital Media

  3. Venture Capital

  4. Litney Partners

  5. Hampton Racquet / Bond Life Club / NAOA

Before we get into the business breakdown, a quick update on my personal life.

Litquidity HQ is now based in Miami. It was a long run in NYC but 2024 was officially the year I moved back to my hometown of Miami to be closer to family, friends, and a sports / beach paradise. Miami has been a real pleasure and a different pace compared to NYC. For networking, I’ve largely swapped out golf and replaced it with padel. I’m working out more, drinking less, getting more sunlight, and overall feeling more at peace. I’m always connecting with the ever-growing finance, VC, and startup communities down here and looking to bring them together in person through events and meetings.

I’m always looking to network, build, and play the above mentioned sports, so hmu if you're in town: [email protected]!

Alright, with all of that said: let’s dive in.


1. BUSINESS BUILDING

Four years ago, I left a career on Wall Street to grow my business. At the time, it was only a meme page with some advertising revenue and merch sales. I had a very vague plan of how to grow this into a legitimate business but I knew that I had to throw myself into the deep end to learn how to swim, think, and operate like an entrepreneur.

I’ve never looked back and never plan on returning to a traditional Wall Street career. The entrepreneurial path has been incredibly rewarding, but also incredibly demanding. This journey has been far from linear. It’s been filled with intense stress, anxiety attacks, wins, failures, setbacks. Building a business is something that simply can’t be taught at Harvard Business School or Wharton. There is no blueprint for success, but you do need to have an idea, execution framework, grit, and passion for what you’re doing or you’re going to be in for a rough time. Despite all of the ups and downs, I wouldn’t trade this for anything else in the world.

In 2024, I spent the majority of my time between Miami, New York, East Hampton, and Los Angeles meeting new people, exploring new business opportunities, hosting in-person events, and overall just having a good time.

Whenever someone asks if I’m traveling for work or pleasure, the answer 99.9% of the time is “both” because work doesn’t feel like work and I’ve focused on surrounding myself with good people who are pleasant to work with.

Here are some highlights from 2024:

  • My identity was revealed in the Financial Times

  • Surpassed 300k subs on my Exec Sum newsletter

  • Launched a crypto newsletter called Crypto Sum (~70k subs and growing)

  • Deployed ~$10 million of capital through Litquidity Ventures into companies spanning fintech, AI, space, and sports

  • Launched three portfolio strategies on Autopilot, allowing the community to invest behind my highest conviction public market themes

  • Became a Wilson Sporting Goods affiliate (#SemiPro)

  • Attended the Industry Season 3 premiere

  • Hosted a series of in-person events:

    • Litquidity Ventures: Miami and LA Tech Week

    • Litquidity Ventures: Hamptons Mixer

    • NYC Happy Hour w/ Rogo

  • Lost 15+ lbs

  • Started dating my most beautiful girlfriend 🙂

Identity Reveal

Ever since I launched the account back in March 2017, I operated Litquidity anonymously. This allowed me to make memes and satirize Wall Street without fear of losing my job. Over the course of a few years, the anonymity became a part of what made the brand special. It gave a sense of ~mystique~ and trustworthiness with my followers, who would send across sensitive information (whistleblower type stuff, not MNPI lol), ask me for advice, and send me business proposals based on my memes (not my credentials, race, politics, or anything else).

I never really had a plan for revealing my identity but I did feel that as the brand grew and my business contracts / investments / affiliations grew, there would be a higher risk of being doxxed. I’ve always conducted business as I did in my regular career: transparently and honestly. The reason I wanted to remain private after quitting my job was because I had zero desire in being a social media personality, like a Dave Portnoy or a TikToker who makes skits (I still have no desire). I just like making memes and keeping a low profile.

Now let’s get into how the reveal process began…

In February 2023 (shortly after launching Litney Partners), one of my business partners called me and said that a Business Insider reporter had contacted him and was asking questions like “Who is Litquidity? What is he like to work with? Do you know his name?”. He mentioned that BI was looking to write an article revealing my identity. Then a few weeks later, I had other people reach out saying Business Insider was reaching out to them via Twitter, Linkedin, email trying to get intel on my identity and any dirt that may be out there.

I became annoyed and wanted to understand why Business Insider was looking to write an article if there was nothing salacious or tabloid-y, which is the kind of content they thrive on. So I eventually reached out to a BI reporter I had a decent relationship with to see he knew anything about the article that was being written at BI. Much to my surprise, he was actually the guy spearheading this whole thing! I don’t want to name names but he was once a dorky villain on the kids show, iCarly. It seemed like he played the same role in the real world. He basically said “we think it’s in the public’s best interest to write an article about your identity because you’ve been launching new businesses and investing in dozens of startups. We didn’t find anything negative on you so this could be a positive article for you to provide commentary and have a coming out of sorts". I told him I had no desire to do so and if I’ve done nothing wrong, why would Business Insider publish something framed in a positive manner against my will? We left it at that and I didn’t think much of it for a few months. I thought it would fizzle out.

So in summer of 2023, I had forgotten about the Business Insider piece and went back to enjoying life and spending my summer out in the Hamptons. Around that time, I had the Financial Times publish my “Lunch with the FT” interview where I was interviewed by Madison Darbyshire on an anonymized basis while we enjoyed a three-Michelin star meal at Le Bernardin (on brand af lol). I’ll come back to the FT in a bit.

Around late 2023, I started getting messages from old colleagues at Deutsche Bank, Wexford Capital, and Jefferies who said they had been contacted by a reporter at Business Insider asking about “Hank Medina”. It appeared that they had finally discovered my name and were starting to really dig deep to pull together a “positive” article revealing my identity (still without my buy-in or any commentary from me). I found the whole thing incredibly odd and desperate from Mr. iCarly Villain. Luckily, everyone who was contacted that knew me said they told BI to pound sand and didn’t give them anything.

At that point, I had to decide how I wanted to play this out, as it seemed that an identity reveal was inevitable.

I determined that I would have no choice but to lean into this reality and take matter into my own hands to “own the narrative”. There was absolutely no way I would let the dumpster fire that is Business Insider be the publication to reveal my identity to the world. They are the TMZ of business news.

So I went to the Financial Times and offered to tell my story / reveal my identity with the publication I trusted the most. They, thankfully, agreed to pick it up and we immediately got moving.

Long story short, we knew when BI’s article would be published so the article was timed to beat them to the punch.

The article came out on February 7th, 2024 and changed my life forever.

That day, my phone blew up nonstop with texts, emails, DMs. It was a mind numbing sensory overload. I then had derivative articles written by Bloomberg, Yahoo Finance, and New York Post covering the FT exclusive. The reveal was buzzy enough to have its own entry in Know Your Meme summarizing the whole saga lmao. It was the spotlight of the FT’s home page and the #1 most read article that day (after surpassing an article about McKinsey and BCG’s work with the Saudis).

Despite being beaten to the punch, Business Insider ended up publishing their article, but the wind was knocked out of its sails and everyone recognized what they had done.

As for day-to-day life since the reveal, not much has changed tbh. Besides a handful of people recognizing me, it’s honestly great to have reverted back to business as usual. I like to keep my personal life pretty private so don’t expect me to become an on camera personality anytime soon. I’ve very boring. It has made planning coffee meetings or live events much easier though, since I don’t have to give a fake number or have everyone call me “Lit” anymore (although I’ll still respond to “Lit” like it’s my first name).

My mission is to continue doing what I’ve been doing since day one: bringing levity and transparency to a notoriously opaque and stressful industry. I will continue to make memes, inform with news / tips / resources, and help get you all placed in high-paying jobs.

Litquidity featured on the floor of the New York Stock Exchange. October 2024

Back to the business…

As I mentioned last year, Litquidity is now much more than a media brand. It is a “HoldCo” for a multi-media brand, an e-commerce business, an investing arm, and a recruiting firm with more room to grow.

My goal has been to create a sustainable business from this unique highly-engaged audience. With multiple revenue streams driven by various market dynamics, my hope is that this business can sustain itself under any economic scenario (downturns, high rates, etc.). The goal now is to continue scaling the business and team, as well as adding more complimentary revenue streams to this ecosystem I’ve built.

WHAT'S IN STORE FOR THE BUSINESS IN 2025:

  • Focus: Nourishing the various business lines that were created in 2023 and help them blossom in the new year (instead of further expanding horizontally)

  • More Content: Generating and posting more content regularly on social media and bringing back the podcast w/ a new co-host

  • Grow: Invest time in growing the ecosystem in its entirety – increase followers, double newsletter subscribers, secure more clients for Litney Partners, and deploy more capital into promising startups

  • Events: Organizing private dinners, padel matches, golf outings, happy hours to meet more people (and hopefully generate more business prospects)

If you are sitting at your desk in Midtown Manhattan feeling unfulfilled, jaded, and want to do something more hands on and creating equity value, I highly recommend pursuing entrepreneurship. It’s not for everyone, but it’s INCREDIBLY rewarding.

Let's now dive deeper into the various business segments I’ve been busy working on.


2. DIGITAL MEDIA📱📰 

Social Media

The @litquidity instagram and @litcapital X accounts continued to grow nicely, although the years of exponential growth are in the rear view mirror due primarily to deep ‘core audience’ penetration and being spread thin focused on building the Lit empire. That said, engagement (measured by likes, comments, and shares) have remained consistently strong, which is a good sign that the content is still hitting (*phew*). If anyone wants to help cook up some dank memes or collab on reels, please reach out and I’ll have my intern Karl conduct preliminary resume screens to see who moves onto the interview stage.

Growth: The audience grew to 863k on IG (up from 803k in 2023) and 382k on Twitter (up from 348k last year) at the time of writing. Other social accounts in the network (@wallstreetintern, @thisguyfuchz, @venturekaepital@retrowallstreet, @exec.sum) also grew modestly. Collectively, the total Audience Under Management (“AUM”) is 2.5 million+.

M&A: The Litquidity Buyout team remained active in 2024 after acquiring two accounts back in 2023 (@pikacap on X (~500k followers) and @thebestofpadel on IG (23k followers). The newest addition to the family in 2024 was @atpwtamemes on IG, with ~100k followers. Valuation and revenue multiple not disclosed.

These acquired accounts are not within the traditional Wall Street / finance theme and will help broaden the breadth of the media portfolio. With a 130k+ social following spanning Tennis and Padel (my two favorite sports), my goal is to deliver relevant and engaging content to racquet enthusiasts, create a stronger brand identity, and monetize in an organic way (leveraging the Litquidity infrastructure and playbook). If any tennis or padel players within the Litquidity audience want to assist in managing these accounts, please also reach out. Ideally hardcore fans that track the tournament schedules, know the player personalities and dynamics fairly well.

One last thing on M&A: if you’re looking to sell your account or newsletter, the Litquidity Buyout team is always looking for strategic tuck-in acquisitions. Send us an email and we’ll be in touch if there’s a fit!

Content: I must confess that I have not leaned into the IG reels as much as I should. It is clear that Instagram is prioritizing and boosting reels creators more than static memes and tweet dumps. In 2025, I’d like to lean into reels formats and collaborations with relevant creators focusing on Wall Street / corporate humor.

Monetization: 2024 was an incredibly rebound from 2023, as advertising budgets came back, startups were getting funded again, companies resumed hiring, and the economy roared back. It also helped that I brought on a Head of Partnerships who could take a lot off my hands (shoutout Olivia!). In 2024, we were able to more efficiently negotiate brand deals and manage a busy calendar across social media and our newsletter portfolio.

To give you a sense of the advertising rebound… In 2023, Exec Sum would consistently have advertisers booked 1-2 weeks out. In 2024, we had about 2-3 months of forward visibility and we are nearly already booked for the entirety of Q1 in 2025 (and we’re only a few days into the new year). We’ve also achieved this without sacrificing advertiser quality. As a reminder, my framework in accepting partnerships has always been to properly vet the quality of the product, the integrity of the founders, and the relevance to the audience – the same way I would vet a startup for a potential investment. More often than not, the products advertised on my pages are products I personally use and/or for which I can personally vouch.

It’s a great feeling to have revenue visibility, but we don’t take it for granted and know that we must remain focused on strengthening relationships with our partners and aligning on performance so it’s a win-win for everyone.

In 2025, we will focus on marketing campaigns that span social media, newsletters, and in-person events.


If you’re looking to advertise on my social media channels, shoot us an email at [email protected] and also pls fill out this very quick form.


And with that, I’ll leave y’all with a few of my favorite posts from 2023:

Newsletters 

Exec Sum is my flagship daily newsletter that I launched January 2021. At its core, the newsletter is quite simple: summarize the most relevant financial news in as few words as possible. Over the past four years, I'm proud of the immense value this simple newsletter has provided to thousands of individuals.

If you're not signed up, wtf are you waiting for??? It’s FREE.

Exec Sum is not providing financial advice and is not here to write essays about interest rates and yield curves. We’re simply summarizing financial news in a way that (hopefully) doesn’t make you want to gouge your eyeballs out.

Exec Sum has grown to over 300,000 subscribers (majority organic) and still boasts a unique open rate of 50%+. To put that into context, that's significantly stronger than pretty much any large business newsletter like Axios Pro Rata, Morning Brew, Bloomberg Deals, Wall Street Journal, or The Hustle which range anywhere from low teens to low 40% open rates (and the average email newsletter open rate across all industries is ~20%, per MailChimp).

Exec Sum featured on the floor of the New York Stock Exchange. October 2024.

But that’s not all in the newsletter side of the business… in 2024, I acquired a crypto newsletter and rebranded it to Crypto Sum.

Crypto Sum is essentially Exec Sum, but solely focused on crypto news and markets.

2024 saw Bitcoin reach new heights – surpassing $100k and $2 trillion of market cap. In aggregate, crypto is a $3 TRILLION+ asset class that is here to stay and is increasingly mainstream. It was a no brainer to have a newsletter focused on this space, as it will only continue to grow. As with Exec Sum, our goal with Crypto Sum is to simply deliver news. The crypto space is rife with scams, hacks, and pump/dump schemes. We are only focused on delivering relevant news and cutting out the noise. We’re currently at ~70k subscribers and hope to surpass 100k in 2025.

Newsletter Monetization:

Exec Sum and Crypto Sum are free newsletters, so obviously there are ads to help pay the bills. We aim to understand our audience in order to source the most relevant sponsors and keep things interesting! Plus, if the ad doesn’t appeal to you, guess what… you can just keep scrolling (although link clicks help us out so we appreciate any and all clicks from y'all 😩🙏). That said, I've been incredibly proud to work with a wide variety of amazing sponsors and affiliates such as Eight SleepWilson Sporting Goods, Wall Street Prep, and more.


If you want to advertise on Exec Sum or Crypto Sum, pls fill out this quick form and reach out to us at [email protected]!


Observations / 2025 Plan

The newsletter business is a cash cow. It’s relatively stable, high margin, benefits from operating leverage, and email subscribers are stickier than followers on social media.

Outside of the economic side of it, moving my followers off of social media and developing a direct relationship over email is a great way to directly interact with the audience and mitigate social media risk (i.e. Zuck or Elon delete my accounts and I’m left with zero).

My plan in 2025 is to focus on a mix of organic and paid growth marketing campaigns to accelerate subscriber growth, as this took a back seat in 2023 and 2024.

Additionally, there remains a strong opportunity to launch a subscription newsletter. Stay tuned for a premium Litquidity newsletter that will deliver incredible insights, data, and more at a very reasonable price.

Would love to hear your thoughts / suggestions on what information would be valuable to receive!

Many thx in advance!


3. VENTURE CAPITAL 🦄💰

Over the past four years, I've gone from a small angel investor, to a venture scout, to a syndicate lead and VC fund manager. The Litquidity Ventures portfolio spans 50+ investments across fintech, consumer, sports, and AI.

You can see my full portfolio here

In 2024, I was fortunate to invest in incredible businesses spanning AI, fintech, consumer, sports and space. Litquidity Ventures deployed ~$10 million of equity capital across early-stage and hot secondaries / late-stage rounds (such as SpaceX, Stripe, and OpenAI). The investments were made through various sources, including Litquidity Ventures SPVs, LVP Fund I, and Bain Capital Ventures scout checks.

I also brought on three partners to help me grow this side of the business: Colton Cray, Zachary Kay, and Dustin Zhang. You can check out the full team’s bios on our Litquidity Ventures website. Our collective networks and investing experience allow us to move fast, conduct thorough DD, and invest meaningful checks into high-growth businesses.

The Litquidity Ventures differentiator: Memes, media distribution, and community-building expertise are all sought-after by startup founders and have provided me with unique and unparalleled access into funding rounds led by Tier 1 VC funds such as Founders Fund, a16z, Sequoia, and more. We are seeing this play out and compound as we realize more success and markups.

Here are some of my investments from 2024:

  • Bezel: a marketplace for authenticated luxury watches. Investors include BoxGroup, CourtsideVC, Shrug Capital, John Legend, Steve Aoki, Kevin Hart, Michael Rubin, J Balvin, Kyle Kuzma, and Michael Ovitz

  • Hercules AI: an enterprise AI company improving complex workflows in regulated industries with context-aware AI that mimics human behavior. Investors include Streamlined VC, Thomson Reuters, and One Way Ventures

  • SpaceX: spacecraft manufacturer, launch service provider, defense contractor, and satellite communications company. Most recently valued at $300B+

  • Venezia FC: Professional football club based in Venice, Italy, that currently plays in Serie A. Investors include Apex Capital and Drake

In 2025, my goals with Litquidity Ventures are:

  • Improve deal flow quality

  • Strengthen relationships with founders, VCs, and angel investors

  • Host events to bring the community together

  • Deploy $20M+ of equity

If you're an accredited investor or qualified purchaser and want to be part of the Litquidity Ventures syndicate, fill out this quick form below:

Lastly, some calls-to-action for founders & VCs:

FOUNDERS: reach out if you are raising a round and would like to pitch Litquidity Ventures. I’m always interested in learning about new businesses and meeting smart, ambitious individuals.

VCs: Hit me up if you’re investing in a company, or have an existing portfolio company, and believe the Litquidity platform can add value through distribution, GTM expertise, or its network. Always down to grab coffee / drinks or hop on a zoom call to share more.


4. LITNEY PARTNERS

In January of 2023, I launched Litney Partners, a financial services recruiting firm focused on placing junior professional into roles across the sell side and buy side. This company was formed in partnership with Gary Goldstein and Bennett Jordan of Whitney Partners, an executive search firm that has been around for 40 years and has worked with top financial firms across the globe. For those wondering about the name, “Litney” is a portmanteau of Whitney and Litquidity.

By combining forces, we brought together two reputable brands in their respective industries. One with 40 years of high-caliber recruiting expertise and another with the reach of over 2.5 million individuals who largely work in, or aspire to work in, high finance.

See below for the Bloomberg article and video that broke the news of our launch:

When we launched Litney Partners in 2023, major banks were announcing wide-spread layoffs, startups were shutting down, and the stock market was getting hammered. We knew it wasn’t the easiest environment to be launching a recruiting firm, but we did it nonetheless and took a contrarian view of using this as an opportunity to build a brand and get in front of thousands of candidates who were all wondering if they’d be laid off next and were looking for new opportunities.

Roughly two years in, our thesis has played out as expected and we’re seeing solid traction now that the market has re-entered growth mode.

Over the course of 2024, we were able to place candidates across leading venture capital, growth equity, investment banking, and corporate development roles. Revenue was nearly 2x 2023 revenue and is poised to grow exponentially in 2025 with our current search pipeline. We are just getting started and will continue to gain market share in the financial services recruiting sector.

How we can work together:

FIRMS: If you are running a search for junior investors, bankers, or corporate development associates, please reach out to us at [email protected] and [email protected]

CANDIDATES: If you are looking to lateral into another investment bank or buy side firm, let’s work together and help you secure the bag! All you have to do is drop a resume on our website.

You can follow us on Instagram as well to stay on top of our latest job opportunities, interview tips, and hiring news.


5. Hampton Racquet

I’ll keep this brief because this letter is already running very long!

Last year, I teamed up with the group behind Bond Life Club that was aiming to build ultra luxury sports & wellness clubs (primarily focused on padel and tennis). After a successful Summer 2023 popup in the Hamptons, we set out to raise capital and open up the first full club. After scouting across major US markets, we were fortunate to have the opportunity to sign a lease to operate at Hampton Racquet, the site of the popup the prior summer. It’s an amazing property sitting on 8-acres of prime East Hampton real estate so it was an opportunity we could not refuse.

In just a few months, the team worked closely with our landlord / lead investor to renovate the full property and install padel courts + a suite of wellness amenities such as cold plunges, saunas, and a red light room. It was a sprint to the finish, but the team was able to open the doors to the fully renovated property Memorial Day Weekend. Everyone who walked into the club loved the aesthetics and the new amenities.

Whenever I was in the Hamptons this past summer, I would spend time with the operating team on the ground to see how things were running and also with members to see how they were enjoying the experience. The team had crafted elevated restaurant and cocktail menus, daily sports programming for members, and branded events with partners in order to deliver a world class experience and product.

I’m not gonna lie, the summer was busy and the team was constantly overwhelmed with ensuring operations ran as smoothly as possible. Managing an 8-acre property with staff, a full-service bar / restaurant, and a highly-sophisticated membership base is no easy task, especially when factoring in membership sales and the confusion around a rebrand to NAOA mid-Summer… Luckily, we were able to make it through the first season, but it was clear that this would be a continuous uphill battle for the team.

Over the course of the summer, we also listened to feedback from the community – the heart and soul of the club. A decent portion of the members had been grandfathered given their long-standing patronage to Hampton Racquet and their value-add to the club. Long story short, we determined that it was in the best interest of all parties involved to return the club back to its roots as Hampton Racquet going forward and make it more accessible / less pretentious than the direction it had appeared to be going under Bond Life Club / NAOA management.

Hampton Racquet has a long history of being a special and welcoming place for families, individuals, and kids alike — a place where everyone can find connection, support, and growth. The property will remain the same and all the amenities will be available to members and their guests for the upcoming 2025 season. I look forward to spending time at Hampton Racquet this summer and continue adding value where I can, whether that’s through intimate gatherings, Litquidity sponsored padel / tennis tournaments, or inviting other members within my community to join as members of Hampton Racquet.

To summarize the list of club amenities:

  • Racquet sports: tennis, padel, pickleball, and beach tennis

  • Wellness: saunas, cold plunges, compression therapies

  • Gym, Yoga, and Mat pilates

  • Full restaurant, bar, and cafe

  • Kids Summer Camp

It’s truly an exceptional property in an amazing location. You simply can’t beat it, especially for the new membership pricing being offered for 2025.

If you’re interested in learning more, please fill out this brief form.

Look forward to seeing you all in the Hamptons this summer!


ENDING NOTES

Wow, I haven’t written 5,000 words since college and I still feel like I have a lot left to say, but I’ll end it here because I’ve probably lost all of you by now. If you made it this far, I seriously appreciate you and hope you found this helpful and insightful. 

If you’d like to find a way to work together or collaborate, please send me an email at [email protected].

Thank you all for the support throughout this ~8 year journey. Here’s to many more years of memes, investment opportunities, live events, and helping you all advance your careers 🤝

Happy New Year! Let’s crush 2025.

Best,
Lit

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