[lquist]

Few comments: * As rightly pointed out below, YC's investment used to be $20k for 7%, meaning they had a 10000x return on AirBnb and Stripe (so far) * YC has funded increasing numbers of companies over time. Of the 2000+ companies that have been funded, the majority (75%) have not reached maturity. * Yes there is dilution to the 7% stake, but it is not as significant as mentioned, especially for the most successful companies. I would estimate their stake at closer to ~3% after dilution, not 1%.

Take all these together and you are looking at a much higher fund multiple than 5x. My estimate would be at least an order of magnitude higher.