It does. There's a whole lot of research into how insider information propagates, and what the ideal portfolio strategy is given such information. But it's lik

It does. There's a whole lot of research into how insider information propagates, and what the ideal portfolio strategy is given such information. But it's like any other edge. It can still make sense to diversify. That's empirically true; even Boesky put most of his money into stuff he didn't have an insider edge in. In this case, it all depends on what kind of edge Lefkofsky has, what kind of liquidity discount he's willing to deal with, whether he and his investors have different time preferences, etc. It would be truly odd if the rise of the fastest-growing business in history and the rise of the first fairly liquid pre-IPO market and a massive increase in the US money supply didn't lead to this kind of change in investor and founder behavior.