Yeah, it’s not just the current state that’s the problem.
If these companies didn’t spend 20 years not worrying about making a profit, they’d have had sustainable growth and be able to stand on their own long ago.
At this point no one could turn them around, it’s too late.
And it’s not just the lack of big money. The entire startup business model is the main investors immediately selling very small chunks to normal people. With the whole economy in the shitter, the big investors after an IPO are going to have to hold for a while before they can sell without nosediving the price.