Always been one of my problems with TAM never made since to me. Check my posts from back in April - you will see.
The are only 2 answers -
1.) TAM isn’t all that - Ian is exaggerating and it’s not near with 50m ....could explain VRUS dumping him. You’d have to think Ian is full of it tho. So depends on the assumption you want to live with
2.) he lacks any potential capital. To give someone that sweet of a deal you would have to be 100% capital constrained - no money to scale at all