“The best way to predict the future is to invent it.”
At Re/code, Noah Kulwin on investor Fred Wilson:
Last week, Silicon Valley freaked out when Fidelity lowered the value in its stake of Snapchat, Zenefits and other startups in which the investment conglomerate holds equity. In Snapchat’s case, it reduced the company’s worth from $16 billion to $12 billion. Zenefits’ $4.5 billion valuation was cut in half.
Union Square Ventures’ Fred Wilson, a longtime venture capitalist known for his early bet on Twitter, says in a blog post that these write-downs are going to keep on coming.
He argues that the “blurring of the lines between the public and private markets” means that as the economy slows down (or the air gets let out of the tech bubble, take your pick), the valuations of unicorns like Snapchat and Zenefits that have taken funding from late-stage growth giants like Fidelity are going to continue going down.
As Alan Kay best put it, “The best way to predict the future is to invent it.”
If angel investors want to pop the bubble, or let air out the bubble or do whatever the fuck they want to do with the bubble, all they need to do change the amount of money they’re putting into these ‘unicorns’.
Also, can we stop using the word, ‘unicorn’?