1/4 Social pre-monetization $/user: Insta was considered insane at $30/user, WhatsApp rich at $50/u. Both arguably cheap. At “peak social,” Pinterest/Snap raised at $150-200/u, took 5+ yrs to grow into it (implying they were overvalued)..... Clubhouse just raised at $500/user.
2/4 This isn’t to single CH out — AFAIK, they are smart, good people. They’re crushing it, and I’m rooting for them. I’m worried about recent valuations & stage in the econ cycle. Anyone raising at these valuations is setting unfairly high goalposts for startups raising now.
3/4 @zachcoelius had a great thread describing the dynamics in venture right now https://twitter.com/zachcoelius/status/1353474793576701953
3/4 There is always reversion to the mean. COVID wackiness will fade. Fed bazooka will weaken over time. IPO vals will correct. Multiples will soften: meeting 2021/22/23 projections may not justify up-rounds in 2021/22/23. Just hope everyone has enough cash socked away for then.
You can follow @haridigresses.
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