20$/month * 12 months in a year * 100 websites = 24k$ per dev 20m / 24k$ ~= 834 devs Getting the world population assuming 1% devs: 834 / 0.01 = 83,400 The

20$/month * 12 months in a year * 100 websites = 24k$ per dev 20m / 24k$ ~= 834 devs Getting the world population assuming 1% devs: 834 / 0.01 = 83,400 The world population is actually around 8 billion so you might be off by about 10^6 or 6 orders of magnitude. Not necessarily saying you're wrong about their valuation being overblown but your argument isn't a strong one.