5 years ago
Silicon Valley Investor Calls Start-Up Economy A Ponzi Scheme
Silicon Valley’s Chamath Palihapitiya, the tech investor behind the Social Capital venture firm, is telling clients that the start-up economy is has turned into a sophisticated—and dangerous—Ponzi scheme and the high-stakes losers are employees and limited partners. In a letter from Social Capital, Palihapitiya notes that “over the past decade, a subtle and sophisticated game has emerged between VCs, LPs, founders, and employees”, and someone has to foot the bill for it as VCs are “smart enough to transfer the risk”.
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