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by phamilton
54 days ago
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The announcement was that it secured $50M in financing, sold the shoes business for $39M leaving $20M or so in cash. An empty public company with $70M in financing to enter a hyped market was valued at $115M. The stated intent is to spend their money on a CapEx item with a fairly high demand and resale value (GPUs) in a sector that has a pretty simple playbook. The 580% bump is a fun headline, but "startup secures $50M in funding at a 5.8x valuation bump" isn't unheard of. Have I invested? No. Is this a ridiculously funny narrative and story? Absolutely. Is it the most ridiculous valuation I've seen? No. |
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