It's more "greater fool" or possibly multi-level scheme than Ponzi.
In a true Ponzi scheme, payouts come from either investors' own deposits or those of additional investors. There's no investment income in the fund itself.
In Andreeson's case, he's been surfing on the wave of success or perceived success, by inflating subsequent hype bubbles and cashing these out. There's not a strict connection between his ventures, investment funds, and cash-outs, though arguably there would be very little market value if he were perceived as no longer being the golden boy.
I've found myself increasing unimpressed by what he's had to say about the value and credibility of his activities over the past decade or so.
In a true Ponzi scheme, payouts come from either investors' own deposits or those of additional investors. There's no investment income in the fund itself.
In Andreeson's case, he's been surfing on the wave of success or perceived success, by inflating subsequent hype bubbles and cashing these out. There's not a strict connection between his ventures, investment funds, and cash-outs, though arguably there would be very little market value if he were perceived as no longer being the golden boy.
I've found myself increasing unimpressed by what he's had to say about the value and credibility of his activities over the past decade or so.