Moneyball author warns tech companies are ‘in another bubble’
Lewis
The author of best-selling books including Moneyball and The Big Short has said valuations on tech platforms like Snapchat are “in another bubble” and overvalued by venture capitalists.
Asked about Snapchat’s valuation of US$19bn financial journalist Michael Lewis said it was worth that because of venture capitalists investments “until they try to sell it”.
Speaking at the Adobe Summit in the US overnight he said of a deal between his publishers and Facebook, where he was expected to pen a piece for the social network every day: “No one could explain to me how it would help sell the book. I was expected to write for Facebook for free? That seemed crazy to me.
