Chamath argues the Pershing Square IPO failed not because of Ackman's character or Twitter activity, but because hedge fund / GP businesses structurally lack the durable, predictable revenue streams that public investors need to underwrite long-term equity value, making it nearly impossible to take such entities public.
In finance, these entities that try to sell a piece of the quote-unquote general partner as a company, I just think that it's, um, frankly, that it doesn't work. And this is just, you know, an example, yet another example that there's not”1:12:24