Ann: Market Update, page-25

I’m not sure that really counts. They didn’t earn it. They sold part of themselves to raise it. So while, yes it has value obviously, it’s also already spent in a sense. That money is only valuable to the extent that it enables them to generate future value.

If they liquidated then that cash enters the picture, but otherwise the valuation, IMO, should be based on predictable future revenue or cash flow.