Liquidity preferences are also critical in allowing companies to grant employee stock options at valuations substantially below what the Series A investors pay. If liquidity preference disappear, the IRS will likely take a much closer look at low strike prices on options.
As of Q4, the average paying user gave them $17.32 per month in Gross Bookings. And they had $632m of Gross Bookings in the quarter, meaning they had 12.2m paying users by my count, giving them an average of $17.32/mo each.
12.2m paying users out of 408m MAUs, or about 3% of the total.
His point is that the company has a net cash position of $3bn, meaning someone who pays $5bn for the entire market cap of the company would immediately receive $3bn back in cash, making the real price effectively $2bn
The significance of this should not be understated. This shows compelling evidence of real voter fraud that swayed the republican primary in Romney's favor and could easily sway a close general election.
Can anyone offer up a legitimate reason that the % of votes for a particular candidate should correlate with precinct size?