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Murad: VC Projects Have Underperformed This Cycle, Making the Poor PoorerOn November 4, 2025, Murad Mahmudov, former co-founder of Adaptive Capital, said in an interview with the Proof of Thought Podcast that the underperformance of many VC-backed projects in this cycle has made the poor poorer. He argued that the issue is not one of technology or narrative, but rather structural design: these projects have failed to create upward mobility for ordinary participants. Murad noted that under high initial valua ...