The point was that an $8 billion valuation for a company with no revenue model is insane, and that this deal has been structured in such a way as to help inflat

The point was that an $8 billion valuation for a company with no revenue model is insane, and that this deal has been structured in such a way as to help inflate talked-about valuation numbers to those heights. The structure of the deal is less central to that argument. If it's convertible debt, does that really matter if the point is lost on most people? If the point of inflating the valuation is hype, then who cares how it's structured.