How We All Missed Web 2.0′s “Netscape Moment”
Press and pundits have spent years asking whether each big IPO (Loudcloud, Google, Salesforce, soon LinkedIn and Facebook) will be "the next Netscape moment," but this piece argues the real successor already happened in 2009, when DST's $200 million secondary investment in Facebook showed a hot startup could deliver investor liquidity, publicity and acquisition cash without going public. The author ties that shift to the rising costs of being a public company (Sarbanes-Oxley, Reg FD, short-term trading, thin research coverage) and notes that Andreessen and Horowitz see the deal as merely a prelude to an IPO. The piece closes with warnings that late-stage deal quality is already slipping (Spotify's $1 billion valuation) and that employee insider-trading incidents could provoke an SEC crackdown on secondary markets.