Happy Monday. To be Independence Day here in the United States, which means a lot of gotechbusiness.com is on vacation. But as last week drew to a close, several key pieces of data worthy of our consideration fell away. Let’s not pass up that opportunity, day off or not. (This is also the last day of our Fourth of July sale, so, you know, feel free to contribute to gotechbusiness.com’s financial independence too!)
The bits of data that came out on Friday include Klarna’s potentially final new valuation, which turns out even lower than we expected, and the conclusion of the FTX-BlockFi drama, which we have to unpack because the numbers are a little harder to parse. than the headline numbers you may have seen this weekend.
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Let’s compare the numbers to 2021 prices, discuss the discrepancies between them, and then chat that could put other companies in trouble based on the somewhat shocking math ahead of us. How far off target did some startup prizes get last year? This one far:
Klarna and BlockFi as warning shots
As always when discussing negative news stories, we’re not here to crow. Instead, we want to parse new data so that we can better understand the state of the market. Covering layoffs, down rounds and the like is not nearly as much fun as hedging IPOs. So we’ll come back to this if we can.
Anyway, the bad news sums up the following: