Mr. Lipton has been one of the most vocal critics of shareholder activism, which he has said focuses on short-term profit at the expense of long-term investment and can leave companies on shaky footing. Wachtell Lipton often advises companies seeking to keep these investors at bay.

引领这轮气泡水风潮的是新消费明星公司元气森林，2021年两度融资，备受私募市场追捧。10月底，元气森林两名股东向财新确认，元气森林最新轮融资近期完成交割；投后估值接近150亿美元。但仅仅半年前，其公布的上轮融资投后估值为60亿美元。