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E114: Markets update: whipsaw macro picture, big tech, startup mass extinction event, VC reckoning
All-In with Chamath, Jason, Sacks & Friedberg
Venture Debt
Do you guys know how much money Facebook, Amazon, Google, and Microsoft raised combined total before they went public? That's very small. And then on top of this inefficiency, I don't know if you're seeing this, they were all profitable when they went public. On top of all this inefficiency is a dependence on venture debt. The amount of focus on adding debt to unprofitable companies over the last five years has been just extraordinary.
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