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The VC Funding Party Is Over
The glory days of venture capital are winding down, leaving in their wake a host of overstuffed tech firms and a bear market ready to maul.
Sam Bankman-Fried’s failed crypto-exchange, FTX, attracted a roster of blue-chip investors, led by Silicon Valley luminary Sequoia Capital. After battery developer QuantumScape merged with a SPAC in 2020, its market cap exceeded General Motors’—even though the company expected no sales for many years. WeWork, which grandly describes itself as an “office solutions company” (sounds better than “rentals”) and once sported a valuation of close to $50 billion, is the latest to hit the skids.
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