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M&A is noncompetitive and should either be prohibited or heavily taxed.

Create a subsidiary? Fine... Buy up all the tadpoles so you don't have to deal with frogs? Noncompetitive...

I don't totally disagree but the consequence would be 80% of VC investment vanishing overnight and a whole class of founders just not bothering.

The chance of a successful IPO is faaaaar less than "bigcorp wants you to go away, so here's some $$"

Where would the VCs put their money instead? NFTs?

VCs are given money by larger investors to play around with finding the next Oracle/Facebook/Uber/etc. If VCs have nowhere to invest or VCs mess up a fund, LPs will ask for their money back and invest elsewhere. This is what happened to Softbank, though they ended up having the last laugh, thus cementing the fact that Mayaoshi Son is our industry's Sheogorath.

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