This explains the crazy valuations we are seeing now. I've always been wondering who is benefiting from the huge valuations: definitely not the employees and to

This explains the crazy valuations we are seeing now. I've always been wondering who is benefiting from the huge valuations: definitely not the employees and to some extent, the founders, as all their worth are not liquid. So the ones benefiting from the high valuations are VCs, who has incentives to raise bigger and bigger funds.