Why is whale vomit so valuable?

Some scientists suggests that the sperm whales eat animals like squids, they digest most of their body parts. However, the sharp beaks of the squids are indigestible. It causes irritation in the whales digestive tract. Hence, the whales digestive tract produces a waxy substance called ambergris. Ambergris covers the sharp beaks, helping them to pass through the digestive tracts quickly. Some people thought that whales vomitted this ambergris. However, a research suggests that the ambergris is expelled from the other end of the whales as excreta. Then overtime, this ambergris reacts with air and salty water etc., And hardens to form a waxy rock. This waxy rock or ambergris is used by the perfume companies. This ambergris helps the perfumes to stick to our skin, making perfume last longer. Hence, perfume companies pay thousands of dollars for just a pound of ambergris.