> Founders and employees would be paid only if the acquisition exceeded $559M
I think the problem with the article is that it emphasized the absolute acquisition value and omitted the fact that the company raised $400M. Considering the amount they raised, $559M seems much more reasonable and not quite bad terms?
That's actually one of the best points in here. They didn't make any money or valuation over their funding. Really? You couldn't make a gambling site for less than $400M? Maybe 2500 years of human labor at 150k / yr? Really?
Their sale was a 16% increase on their investment rounds. They soaked up half a billion in investment, and then got almost no return or "value added."
Almost as dumb as that $500 million tomato farm that couldn't grow tomatoes. (had to check, AppHarvest)
I think the problem with the article is that it emphasized the absolute acquisition value and omitted the fact that the company raised $400M. Considering the amount they raised, $559M seems much more reasonable and not quite bad terms?