See also all accounts of Twitter deal funding, which seemed to boil down to "I'm oversubscribed (lie), so you'd better say yes now and give me more money than y

See also all accounts of Twitter deal funding, which seemed to boil down to "I'm oversubscribed (lie), so you'd better say yes now and give me more money than you want." Which is essentially all fundraising in a crowded market, but you would expect investors to be more sophisticated. Even accounting for selection bias (we're opining on the ones who invested).