The only reason Yahoo made an offer is because they were afraid someone else might. Otherwise they'd be content to wait for the layoffs to begin before giving

The only reason Yahoo made an offer is because they were afraid someone else might. Otherwise they'd be content to wait for the layoffs to begin before giving an opening bid of $150 million. Tumblr seems to have followed the SV model in all respects but one. Raise a lot of money, get a lot of users, and staff up way beyond your needs (175 employees)? Check. They missed the last one, though: don't bother to monetize so you don't run the risk of doing it badly and lowering your evaluation. The urgency to get a billion dollar offer on the table as the wheels fall off of the bus is so utterly ridiculous and symptomatic of the problem with SV culture.