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Matt Levine

Unicorns Are Worth Twice As Much As Last Month

If SoftBank keeps throwing cash at startups like WeWork, the numbers will start to lose their meaning.

How about a $40 billion valuation?

How about a $40 billion valuation?

Photographer: Mike Short/Bloomberg

This post originally appeared in Money Stuff.

It feels like it’s been a while since I have read any dire warnings about overstretched valuations of private technology companies and the imminent crash of the unicorn bubble. I guess everything is fine? “E-scooter company Bird is seeking to raise around $200 million in new funding at a $2 billion valuation,” reported Dan Primack on Tuesday, “just weeks after it raised $150 million at a $1 billion valuation, and only three months after raising at a $300 million valuation.” Pretty normal! It’s a bird unicorn? A painted bunting? A scooticorn? I kind of admire the approach. Sure you must be exhausted from raising a big funding round weeks ago, but if you wait even another few weeks, there's a risk that your buzz will wear off and people will have a new random obsession. “When the ducks are quacking, feed them,” capital markets bankers will tell you, and Bird took that lesson to its avian heart.