Link Exchange was sold to Microsoft for $265 million when it had only $15 million in revenue, which clearly indicated a bubble; you could tell the market was irrational when the valuation multiple (about 17.7x) was so far from fundamentals that it didn't make sense even to contemporaries.
factualpending
Speaker
Alfred LinEvidence Quote
“we had a business we had $15 million in Revenue you can kind of tell that we're in a bubble when someone would be willing to buy a company that had $15 million in revenue for $265 million”
Source
Sequoia VC Reveals: The One Trait That Built Airbnb, DoorDash & Zappos— The Knowledge Project PodcastCreated: 8/11/2026, 1:30:28 AM
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