Afterpay Valuation, page-5466

I'd have no problem with them raising capital for growth, however they are going to have to raise at a much lower SP now. APT locked in funding at $134 @ 0% / ($194) * 2.5% dilution

Z1P simply won't be able to get a deal that favorable now. Of course sentiment could turn around again very quickly, but I see no sense taking the risk when APT is off some 40% odd with guaranteed funding. APT are also FCF positive, so moving forward they are better equipped to handle a more expensive debt market.

If Z1P can't get their ANZ operation more profitable (As @Andredamus1 also points out) this will be a significant drag and they will continue to consume cash in an ever more expensive market. This matters, and it unfortunately materially changes the landscape for me over the last 2 weeks. I should have sold Z1P sooner, but I had to be sure this wasn't a multi day event. It appears it's going to be a more permanent headwind now (imo).