What's a Better Strategy?

If you're a late stage company, like let's say your series C series D, you raised a $5 billion valuation a year ago. You now have the option to either cut 80% of your team pull back drastically or drag this out so that you don't have to raise a down round. I think what's going to happen though, no matter what, whether you raise at a lower valuation or not, is that the investors and the boards of these companies are going to push for lower valuations internally. The tough part is it just takes quarters and years because you either have to go through an internal valuation change or you have to gothrough a new fund raise.

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