It's also worth noting how companies that lost 90%+ of value are close to unable to raise new cash due to dilution. Raising 100M at a 1B valuation is just 10%,

It's also worth noting how companies that lost 90%+ of value are close to unable to raise new cash due to dilution. Raising 100M at a 1B valuation is just 10%, but raising 100M for a 200M company is 50%, meaning founders lose control over the company.