Hi Fintech futurists -- In the long take this week, I look at why unicorn valuations can be destructive for the Fintech industry. While some companies do have incredible financial performance, much of the valuation premium in the private markets today is a negative Prisoner's Dilemma equilibrium, which leads to price compression, over-scaling, and problems with exit for everyone but the CEO. We look at this question through the lens of WeWork and Magic Leap, and the recent developments in the news about the economics of those companies.
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