In a tale as old as time, the mega-rich get richer. It used to be that early stage VCs and angels could see tremendous upside for taking an early risk. It’s utterly unsurprising that giant VCs have found a way to cram them down once the startup is successful and realize all the upside.

Between this and giant PE coming downmarket, we should all just bootstrap and say “f off” to outside capital. With AI coding models, you don’t need that money to build anyway.