Garry Tan
@garrytan
The academics think the founder who raised at $2B valuation can pay but they can’t
You are a founder who owns 50% of your company and you have 20x voting rights. You owe 5% on $10B in the asset seizure tax. You owe $500M of your paper $1B. Find me a way to get a loan for half your illiquid net worth. You cant.
The asset seizure proponents are dishonest and also it’s not a 5% tax on startups. It’s a 50% tax in this simple case.
