>Companies need to have real revenue and produce real profit and then need a valuation based on sane multiples.
I wonder how many unicorns lack these criteria. Only Twitter has the discipline of public markets. If it doesn't deliver, public shareholders get burned.
If unicorns don't deliver, private investors get burned, but where do the losses go? VCs, founders, employees, as well as some family offices, banks, university endowments, pension funds...where else? And I sure am curious about the exposure of these last three groups.