Well it is also the difference between bonds and equities. You might value a company on users if you think it could monetise them down the line for equities as

Well it is also the difference between bonds and equities. You might value a company on users if you think it could monetise them down the line for equities as you will share in that. Bonds however just rely on the company having cashflow to pay the interest and then repay the capital. Number of users, future profit etc are much less meaningful compared to whether you will get your money back as promised.