Yes, that's what I mean. Ponzi schemes are about investors - who expect to earn money from their investment - not about consumers. In the end, if after the IPO

Yes, that's what I mean. Ponzi schemes are about investors - who expect to earn money from their investment - not about consumers. In the end, if after the IPO the business starts making money and that money gives a healthy return to the latest investors, everything is fine. If, on the other had, it turns out that the business model can't give a return on the investment and the latest investors lose their money, which was used to pay off the first investors, the mechanic of a Ponzi scheme is perfectly respected :)