[dsacco]

Can you clarify how terms of changed, or direct me to further reading about that?

Otherwise I think point about the $80B not being liquid is a good one. It's not a dishonest figure, but it's clearly inaccurate and inappropriate for the purpose of estimating returns. The real answer is going to be far more nuanced than simply stating the aggregate value of all YC companies on paper.

[austenallred]

It used to be $20k for 7%, now it’s basically $120k for 7% with pro rats rights (that’s again a simplification, but it’s close enough for this conversation).

I agree that n companies valued at over x isn’t a great metric, except that the number is so huge and the valuation so high that a single company could return the entire amount YC has invested, and what we’re debating is if YC are “kingmakers.” By nearly any possible measure they are.