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Because the returns have moved
Tech returns used to be in public markets – have now shifted to private
* Market cap at IPO. Source: Capital IQ
0%
20%
40%
60%
80%
100%
Apple
(1980)
Microsoft
(1986)
Oracle
(1986)
Amazon
(1997)
Google
(2004)
Salesforce
(2004)
LinkedIn
(2011)
Yelp
(2012)
Facebook
(2012)
Twitter
(2013)
Private versus public market value creation for select public US tech companies
Public value
creation*
Private value
creation

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