X @Balaji
Balaji·2025-08-11 19:04
RT a16z (@a16z)Most M&A doesn’t move the needle. The rare ones reshape industries.@balajis lays out the rulebook:1. Power law returns or bust2. 100x scale gap or it breaks your cap table3. Distribution leverage or it dies in integration"That’s why M doesn’t work, but A works." https://t.co/WQWBMPQn0v ...