[endymi0n]

It‘s never anything else. It rarely fails to amaze me how many people think of market capitalization or valuation as something „official“ or inherent in the company when that is really nothing more than what the market (or for private companies, the highest bidding investor) would pay for it at any given time.

If they use the valuations on which private cash raises are based as an input for the buybacks, it should get close enough to be reasonably fair.

Should usually end up in a slight undervaluation, but that‘s mostly an acceptable tradeoff for the employee for access to short-term liquidity.

You want to build a house when the kids are two, not 18.