I wish people would stop talking about valuation this way, emphasizing the bullshit headline valuation. The reality is that (speculating), they probably issued

I wish people would stop talking about valuation this way, emphasizing the bullshit headline valuation. The reality is that (speculating), they probably issued a new class of stock, at $x/share, and that class of stock has all kinds of rights, provisions, protections, etc. that the others don't, and may or may not have any bearing whatsoever on what the other classes of shares are worth.