>> "Instagram makes money because it shows ads. Are people going to buy Pepsi t-shirts for their Bitmoji and make Pepsi money? I don't see the path to money."

Why would Pepsi want you to pay to wear their ads on your character? They pay Bitmoji to create a shirt with 'Pepsi' on it, users wear it and send it to friends, and now they're sending your ad to eachother.