[alexpetralia]

Also the part about one VC passing the buck to the next, allowing them all to benefit reputationally from asset inflation - until the bubble pops. Then only the last ones holding the bag lose.

Edit: VC is actually not passing to VC, but larger investment funds like PE.

[bduerst]

In the case of unicorns that don't meet expectations, it's usually the employees who were compensated in stock or options left holding the bag, since investors try to lock in preferred payout.