[mchusma]

Revenue looked on track for $20M ARR with no growth. About 500x at an $11B val.

But I think they raised about $1.3B, so if they recap at about that amount plus an employee pool, they can bring that multiple to 50x. This would wipe out the founders and early employees, leaving current employees some incentive to move forward.

Then, if the team can grow the business 2x, you are in normal-ish SAAS multiples. So it's not crazy. It could still work. A lot of pain.