Dropbox Should Have Sold to Steve Jobs. Now It’s Just Bait for Private Equity.
Dropbox is the textbook private equity target: profitable, stable, branded, and completely out of growth runway. The real tragedy isn’t that it’s being squeezed — it’s that the best outcome was Steve Jobs’ acquisition offer, rejected in favor of an IPO that trapped the company in feature-company purgatory. Now financial engineers are the only winners left.