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What's the Signal to the VCs to Stop Investing?
AOL had this insane growth and advertising. That's where the money was coming from. Sure, it's great to have in the background this recurring revenue of the subscription revenue. But that's not what was actually moving the needle in terms of why Wall Street loves them. Yep, it was all of these deals they were doing with all these dot com startups that were giving them all of their money.