[tomnipotent]

How can the share price of a private company be falling?

> They could afford to dip into cash

Why should they risk cash reserves with an uncertain future? So that they can layoff 30% later on if things get worse?

[TomBombadildoze]

Their own internal price target, the FMV they assign to shares.

https://www.wsj.com/articles/stripe-cuts-internal-valuation-...