Only victims are the pension funds and sovereign funds and HNIs who fund VCs. Everyone else made money. Founders made money at every raise, employees made money with fat salaries, users “made” money with fat discounts.
They got to make more than 0.00% return for the last 10 years, their only mistake (for those that made it) was thinking the party would last forever and trees would grow all the way to the sky.
