Chamath’s claim was that in the coming years many other individuals would take companies public whose enterprise values, like Trump Media’s DJT, are driven largely by their personal brand rather than by revenue or profits.

Since that March 2024 prediction, we’ve seen very few clear equity-market examples. The closest is conservative cable network Newsmax (NMAX), whose March 2025 IPO briefly pushed its market cap to roughly $20–30 billion on only about $171 million of annual revenue and sizable losses; coverage explicitly framed it as a Trump‑aligned or Trump‑adjacent meme stock whose valuation was wildly out of line with fundamentals, similar in spirit to DJT. (ft.com) But beyond DJT itself and NMAX, there has not been a broad wave of new, personality‑centric IPOs whose value is primarily the goodwill of a single influencer or celebrity.

Instead, most major celebrity brands remain private (for example, Kim Kardashian’s Skims at a $5 billion private valuation and Selena Gomez’s Rare Beauty at over $2–2.7 billion) and are discussed as potential, not actual, IPO candidates. (reuters.com) At the same time, the strongest “brand‑only” behavior has shown up in celebrity meme coins and Trump‑linked crypto projects—such as the $TRUMP coin and Trump’s World Liberty Financial token WLFI—where market caps in the billions briefly rested almost entirely on the fame of the associated figure rather than on cash flows or utility. (en.wikipedia.org) That trend rhymes with Chamath’s thesis but operates mainly in crypto, not via companies going public on stock exchanges.

Because (1) only about a year and a half has passed since the prediction, (2) the phrase “in the coming years” leaves the time horizon open, and (3) we do not yet see “many” clear, DJT‑style personality‑driven IPOs even though we see some partial analogues, there isn’t enough evidence yet to call the prediction definitively right or wrong. Hence the result is inconclusive (too early).