There’s little downside protection from bankruptcy or from a fire sale to strategic investors who are waiting for bankruptcy. A friend recently left a startup

There’s little downside protection from bankruptcy or from a fire sale to strategic investors who are waiting for bankruptcy. A friend recently left a startup that had raised over $100M where the whole executive team was celebrating an $800 revenue deal. He didn’t even wait to vest. Lots of mid to late stage startups are in big trouble, and it will take time to flush it out and see who’s all hype, who’s unit economics are upside down, and who are the real companies.