You're right on, and there may in fact be a half dozen more material economic terms which also adjust down the implied $10bn number. Add into that the fact tha

You're right on, and there may in fact be a half dozen more material economic terms which also adjust down the implied $10bn number. Add into that the fact that each round often has it's own set of terms, and you begin to realize that the "valuation" numbers thrown around mean absolutely nothing.