All-In with Chamath, Jason, Sacks & Friedberg cover image

All-In with Chamath, Jason, Sacks & Friedberg

E158: Global trade disrupted, Adobe/Figma canceled, realtors sued, Trump blocked

Dec 23, 2023
01:47:21
Snipd AI
The podcast covers topics such as trade disruption in the Red Sea, major M&A deals called off due to regulatory environment, the new era of startup building with less capital raised, class action lawsuits against real estate brokerages, and Trump being banned from the primary ballots in Colorado.
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Podcast summary created with Snipd AI

Quick takeaways

  • The cancellation of major M&A deals and prolonged regulatory uncertainty create challenges for VC-backed companies seeking liquidity through mergers.
  • The primary path to liquidity for startups becomes IPOs, but limited underwriting and research coverage, along with revenue generation challenges for banks, make it difficult for companies to go public.

Deep dives

Chilling Effect on M&A in Silicon Valley

The cancellation of the Adobe Figma merger after a 15-month review process and the unwinding of the Illumina and GRAIL merger highlight a concerning trend in the M&A landscape. With a lack of confidence in deal approvals and prolonged regulatory uncertainty, acquirers and targets may be hesitant to pursue mergers. This creates a challenging environment for VC-backed companies seeking liquidity through M&A. As a result, the primary path to liquidity becomes IPOs, but the current capital market conditions, including limited underwriting, research coverage, and revenue generation challenges for banks, make it difficult for companies to go public. This logjam in M&A and limited IPO paths may have a chilling effect on venture capital investment and returns in the innovation economy.

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