Alex Rampell

Many of them are shrinking.

So probably of the unicorn class, I would bet that maybe 5% will ever be able to go public, which is kind of...

Shocking, right?

And then because so much money has gotten into venture capital, you have this problem of, I mean, I will say on the record, I hate massive secondaries because it kind of turns you from the Catamana Cristo to like the, you know, whatever the opposite of that would be like the, I'm now going to go vacation in the Cote d'Azur or something like that.

That's going to now say, I am now at a fundamental disconnect from my employees and my investors because I'm rich and they aren't.

That's not a good setup.

You kind of want everybody to be in the same boat.

The reason why I mentioned that is like you have some companies where it's like, you know, founders taking a $50, $100 million secondary.

That's fine if they just turned down a $10 billion acquisition from Google and they're the Count of Monte Cristo and they want to go for it.

Like, OK, that can make sense to me.

And if you offer that to all employees and all investors and everything else, I don't love the idea of it's like people are looking at this as spreadsheets.

There was a fund in 2021 that did like a massive secondary into one of my companies.

And I was really against it, which made me super popular with the founder, you can imagine.

They were like, oh, well, we own 4% of the company.

We want to own 8% of the company because 8% is more than 4%.

I'm like, dude, I totally agree with you.

8% is more than 4%.

But you have now introduced moral hazard into the equation.

Because if you give somebody generational wealth, you can hope that they're going to swing for the fences and go for it.

Because otherwise, I would be happy selling for a billion dollars.