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E158: Global trade disrupted, Adobe/Figma canceled, realtors sued, Trump blocked
All-In with Chamath, Jason, Sacks & Friedberg
Trends in Recent Mergers and Capital Market Challenges
Recent failed or cancelled deals between companies highlights the challenges in the M&A market, particularly for early stage venture capital businesses. The lack of viable M&A paths leads to less than 20% of outcomes, making IPOs the primary path to liquidity. However, the current state of the US capital markets poses challenges for IPOs, with banks unwilling to underwrite, inadequate stock research coverage, and constrained profitability for banks. This situation raises concerns about the future, as it may lead to companies remaining private for extended periods, creating a chilling effect for potential investors. To address the situation, changes are needed in the rules of the capital market to incentivize banks to underwrite companies for public offerings.
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