The author should understand that the market cap of a public equity where there is no option to negotiate terms is not equivalent to the market cap of a private

The author should understand that the market cap of a public equity where there is no option to negotiate terms is not equivalent to the market cap of a private company where the investors can negotiate terms. If you are investing $10m at a $100m valuation in a private company and you get a 1x liquidation preference, that is not the same as buying 10% of a public company for $10m. If the private company that you invested in with a liquidation preference is acquired at $50m, you still made money on your investment. If you invest in a public company with a $100m valuation that falls to $50m, you lose 50%. The distortion field is in the terms, and a professional investor should know that. I would be very concerned if I were one of his LPs.