Also, a large percentage of that was secondary, meaning it went to existing shareholders. So the actual primary funding was much less. Edit: Hypothetical numbe

Also, a large percentage of that was secondary, meaning it went to existing shareholders. So the actual primary funding was much less. Edit: Hypothetical numbers for illustration purposes only: A invests $100M in company. B purchases half of A's shares for $200M. C purchases half of B's shares for $300M. D purchases remaining A shares for $400M. So although they have "raised" $1B, the only amount that has been invested in the company is $100M.