Earlier quoted context omitted.
He references Amazon as a land grab play - sure - but it was also a cash generation machine - I don't think Amazon raised a huge amount of capital - didn't it mostly funded growth via revenue?
At first, Amazon was exactly the kind of Equity business OP is writing about. And it was hugely criticized about it [1, for example] [1]: https://www.computerworld.com/article/1377261/bezos-says-ama...
But funding that equity growth organically from revenue, rather than raising external capital.