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If, theoretically, all the winners stayed private, they are still going to eat the losers' lunch in the real world, and public market returns would decline. Doubt that would happen though... too many advantages to being public.
The silicon valley ecosystem/model is built on IPO at the end but how does money raised by Amazon, Google, or Facebook compare to the private money raising Giants like WeWoek or Uber? Comparable amounts of money?
