This is an interesting Matt Levine piece which observes this new thing which is a 'Zombie Unicorn.' I've seen a lot of zombie startups, they get their seed funding and a couple of rounds but then fail to "take off" so they sit there, breaking even or maybe making a bit of profit (but not enough to be sold at a profit). VC's hate them, they can't cash out, they can't write them off, and their 'value' isn't something they can pay their own rent with (like they do with fees on their uninvested funds). But startups that were valued over a billion dollars becoming zombies is a new thing. And the phrase 'unicorpse' (describing a dead unicorn) is another.<p>That there is all this capital that is worth over a trillion dollars "on the books" but, in the case of zombies actually worth much much less than that, is the kind of overhang that when it corrects really makes a lot of noise.