> Are you saying that the business of "we make a thing and we ask for money from our users for said thing" model cannot work?

I'm saying that companies like Figma, which has raised $333 million dollars in venture capital, at up to a $10bn valuation, cannot exist if those investors don't see sufficient options for liquidity.

And given that people strongly value companies like Figma, as evident in this very thread, that would be a bad outcome all in all. The only market participants for whom this wouldn't be a bad outcomes would be big, established businesses that have to fear less startup competition.