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That's not correct. The bankers' fee is 7% of the money raised in the IPO, not of their total valuation.

Matt Levine addressed that one too: https://www.bloomberg.com/view/articles/2017-09-19/memory-mo... Can't see how to link into the article but if you ctrl-f Hedosophia you'll see his point.

Thanks for the link. I'll admit that I'm not an expert in IPO-finance, and I'm surprised that Andrew Ross Sorkin and Matt Levine are saying such diametrically opposing things. There's probably some nuance to their disagreement that I'm missing.

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