But my point was, it doesn't matter what "delta since IPO" was. If Bird had an IPO by selling a single share at $200, then dropped to $20, it lost 90% of it's v

But my point was, it doesn't matter what "delta since IPO" was. If Bird had an IPO by selling a single share at $200, then dropped to $20, it lost 90% of it's value. But it would still be a billion dollar company. Paying attention to what they are worth now seems more important than what they are worth relative to a random date. "If they were raising money at 1% of their IPO value a month before, then IPO'd and then went down to 10% of their IPO value, it's a win." "Bird raised at a 10MM valuation, IPOed at a 1 billion valuation and settled at a 100MM valuation" says the same thing in a clearer way and lets you know who got screwed (people who bought IPO shares). And for employees, Bird stayed (close enough to) its IPO price for the 6 month lockups to expire and everyone to sell. In fact, it was at around 7 months in that the stock started tanking.