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I believe investors and startups that are / were looking for Facebook as an easy exit were not building a company / business anyway. Such a situation is better overall for everyone - only the teams that are focused on building a real business survive and create value for everyone involved.

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It's not about a Facebook acquisition no longer being an exit, it's about an IPO no longer being an exit.

Since long ago Facebook is too big to be adquired. Now even less. Who can pay so much money?

I believe he's referring to an acquisition by Facebook being an exit option, not an acquisition of Facebook.

Investor sentiment (as irrational as it sounds) is very important. The "apparent" failure of FB IPO along with the less than impressive performance of web 2.0 companies in the public markets have casted a dark cloud in the industry. Nothing has changed in the material sense, but this narrative is a great opportunity for investors to bargain for better deals.

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