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When unicorns aren't as big as they appear

Protections for late-stage investors can inflate the indicated valuations of tech startups by 10-25%

The Airbnb Inc. application is displayed on an Apple Inc. iPhone and iPad in this arranged photograph in Washington, D.C., U.S., on March 21, 2014.

New York

WARNING: Some unicorns may be smaller than they appear.

The recent proliferation of so- called unicorns - startup technology companies valued at more than US$1 billion - has been greeted variously as a sign of healthy innovation or an indication that valuations have become

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