This key point is this: > In a tough funding environment, it provides the San Francisco- and Dublin-based group with enough new capital to meet billions of dol

This key point is this: > In a tough funding environment, it provides the San Francisco- and Dublin-based group with enough new capital to meet billions of dollars of tax liabilities associated with employees’ stock units, but also leaves it with a new valuation of $50bn — far below its peak of $95bn in 2021. They have had to take a massive haircut in valuation in order to raise capital to pay employees tax liabilities, due to failing to have a liquidity event in the last 10 years. They must be kicking themselves they didn't IPO in 2019.