I think that with skin in the game they would wave PIPEd in November (e.g.), and with skin in the game would have been perhaps more measured in the buildup.
Skin in the game brings an intangible mood effect that makes people think more completely.
Instead it is one of a CEO just chuckling about a Q over whether Wave might go bk.
He's right, they won't, but something is fundamentally absent from his considerations.