I think its important to point out that tech blogs always want a breathlessly huge top line number, and that investors play along (The same thing seems to happe

I think its important to point out that tech blogs always want a breathlessly huge top line number, and that investors play along (The same thing seems to happen with sports contracts). But the details are often vastly more complex and full of earnouts, triggers, board seats, etc, etc. And according to the allthingsd article linked to, the deal hasn't been closed yet: "Sources said the round being raised — up to $200 million — will come in part from China’s Internet giant Tencent and value the self-destructing mobile messaging startup from $3.6 billion to $4 billion."