Valuation is very much a vanity. You can inflate it in a variety of ways. By the time the companies get to him, I think the joke is that you can't tell whether

Valuation is very much a vanity. You can inflate it in a variety of ways. By the time the companies get to him, I think the joke is that you can't tell whether it was actually a unicorn or not. If common stock is worth 0, nobody cares anyways.