- Corporate tax vs. individual tax
- Deferred tax assets
- Sum-of-the-parts valuations
- Internal project NPVs > NPV of investments available to an investor
> But it seems unfair to hold Tether up to a higher standard than even our most established banks.
You mean standards held on banks that are insured/backstopped by the government, have mass-adoption amongst the vast majority of the population, are regulated, and have disclosure requirements through securities regulators?
"Enterprise Value" is one of the legitimate measures of company size, and is defined as market capitalization + net debt.
You can think of this as equivalent to the size of the company because it would be the amount of money you'd need (roughly speaking) to buy the entire company outright.
On the contrary - GAAP earnings give the most accurate picture of cold hard cash. That is the reason they exist , and securities regulators are specific about its definition.
I'm reasonably certain that the starting point for public valuations is not the most recent private valuations. These deals are typically centered around public valuation comps (i.e. other similar companies) based off of revenues/EBITDA/etc.
I think the other person was talking about quantitative data (e.g. from Google Analytics), not qualitative data from customer conversations / complaints.
This is comical. Anyone who tells you that currency was actually worth $300MM is out of their mind. This is an interesting experiment, but seems more like a pump-and-dump.