None of your points has anything to do with "worth." Worth as we are using it is almost universally defined as the price an arms-length buyer is willing to pay

None of your points has anything to do with "worth." Worth as we are using it is almost universally defined as the price an arms-length buyer is willing to pay for the total sum of an entity. So Twitter is worth far more than $100mm. It's currently worth billions of dollars. Tomorrow, that could all come crashing down, but today, it's a fact. What you suggest is not anything remotely associated with fact. Deciding a company is worth whatever amount of cash they have on hand, or have raised (you weren't clear on which metric you got your worth basis from) is really a naive view of valuation. And now I'm sure I'll get flamed off News.YC like I always do.