But their valuation isn’t directly based on that number. That’s the floor on their valuation. The ceiling is “how much more do you think they could extract per

But their valuation isn’t directly based on that number. That’s the floor on their valuation. The ceiling is “how much more do you think they could extract per person?” Soon as they set a price and drop their current model they in effect put a ceiling on how much they can extract per person since upping the price won’t really work out so well. This grounds their valuation.