Investors will and do buy potential all the time and will happily throw dollars at unproven and non cash generating companies.
Most are less inclined to back companies that have had years to prove themselves inept, deceptive and unable to get a foothold in a white hot market.
You've got to stop comparing GMV to other IPOs. Anyone with internet access can see the company's history, both financially, and in how it has conducted itself.
Would you buy in now? I certainly wouldn't. GMV is I feel a write off. Any financial at this point would be as miraculous as it is unexpected.
I would be ecstatic to be wrong on this. For all holders.
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