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By this, I mean further reducing low-margin resale revenue and driving a higher level of services, including those directly associated with AI and automation. Our results continue to be impacted by the year-to-year decline of resale revenues, which was 90 basis points of the 4.5% Our financial focus is on improving the business mix.
One hundred basis points of the sequential margin decline related to the decrease in the value of hedging instruments we used to offer below-market interest rate financing to our homebuyers, while the remainder was primarily due to an increase in incentive levels on homes closed during the quarter. I've -- we've seen you look at some deals.
This is roughly half of the amount invested in 2021 and highlights the reduced risk appetite for early stage privatecompanies. With the average financing process taking up to six months from start to finish, most will need to fundraise in 2024. In financing rounds under $250k, the median check size was $12.5k.
When you look at the big picture for Tesla, I think that's much more the concern here for most shareholders, which has to do with the resale value of Tesla's plummeting. Of course, all the issues that are associated with Elon Musk's association with government policy, how that might be affecting the company and his statements.
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