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pg says in a later tweet reply [1] that it is 37 out of 511. Which is 7.24%.

[1] https://twitter.com/paulg/status/338809374459977729

40 million is an arbitrary number, but it's still interesting that 7% is also the average YC equity stake.

Why is that interesting?

The way you justify taking x% equity is by offering to improve the odds of success by at least x%. 40 million is definitely above any basic notion of success, so it would indeed appear that YC is delivering.

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