🚨 David Sacks on pre-product AI startups turning down billion-dollar acquisitions

Market Dynamics & Valuation - Founders are rejecting multi-billion dollar acquisition offers, creating a perception that such offers are common [1] - Valuations are currently justified by strategic value to multi-trillion dollar market cap companies, but this is unsustainable if those companies exit the market for strategic acquisitions [3] - Achieving a $30 billion valuation based on business fundamentals is exceptionally challenging [3] Investment & Risk - Some individuals may have significant personal wealth from previous ventures (e.g., OpenAI equity sales), reducing their incentive to sell [2] - There's a risk that newcomers to the market may misinterpret the current environment as the norm, leading to potential miscalculations [2]