TIME

End of the Unicorn

HEN THE RIDE-SHARING APP LYFT RANG THE opening bell at its IPO in March, pink confetti rained down on the trading floor, a reference to the company’s current pink logo more than its long-retired one: a furry pink mustache that sat atop drivers’ cars. The wacky mustache was emblematic of Silicon Valley’s live-for-the-moment startup culture, where entrepreneurs focus on quickly scaling their product to millions of people, prioritizing high user growth over

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