Thoma Bravo takes Toast private at a discount.

The board admires the slide, then the share price, then the door. By May, your parking spot has a new name on it.

The Buyer: Thoma Bravo pays 25% over a very sad market. We'll cut the agent and keep the swipe.

The Buyer: Restaurants open and close every week. Card fees, somehow, never do.

Outcome: Lost as a feature

Toast IQ as an add-on bought you a year. DoorDash used it to get into every owner's texts first. Being right late still loses.

One path that gets here

A · Then Toast IQ does all of it. $499 moreC · Then Toast becomes the agent owners textA · Bring the board the per-cover cohort

Play it yourself

Other endings where you lose as a feature

All 12 endings · The cast · The thesis