Are they not just buying common stock or Series Seed/A/B stock from existing investors?
I'm under the impression this is a totally different class of stock than the $70B valuation round?
Common stock at a $49B valuation is entirely different from preferred stock at a $70B valuation with what I'll assume includes a lot of "fine print" around pro-rata and/or liquidation preferences.
Feels a little clickbait-y to say the valuation took a haircut when we're talking about different classes of stock.
I'm under the impression this is a totally different class of stock than the $70B valuation round?
Common stock at a $49B valuation is entirely different from preferred stock at a $70B valuation with what I'll assume includes a lot of "fine print" around pro-rata and/or liquidation preferences.
Feels a little clickbait-y to say the valuation took a haircut when we're talking about different classes of stock.