In the ’90s, you could start a company, prep it for IPO, take it public, and white-knuckle your way through the lockup, all before the bubble popped.
Nothing has actually changed other than the bubbles are getting bigger. The only real difference between the .com bubble of the 90’s and today is that the Fed won’t let this bubble burst.
Similarly, regulators can make the IPO process slow.
If one is building a real company with real value, this doesn’t actually matter. What is happening in these markets today are people are attempting to front run hype, get their piece, and cash out before the reality of the deal is revealed to anyone that was late to the party.
The entire tone of the piece is built around this premise and discusses it like its ok, as if its healthy. Its remarkable.