I’m not saying it’s a good strategy, just that since SoftBank it’s basically core to the VC default playbook.

I believe it’s been tweaked, thanks to Musk, Enron and banks to subsidies transitioning to too big to fail.

So, it might not work, ever, but I still think if you look at the large VC rounds, that’s what they are funding, to be so big nobody can reach you at any cost.