Get your tinfoil hats out.
Since a16z funded Yuga and Proof, did they just recognize a huge write off with the Proof acquisition while not losing any of their investments?
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@asimplenoochie
Noochie comes out with general accounting 101 insight. I guess the degens are not all Finance bros like us my friend.
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@asimplenoochie
don't think so nooch bc they probably paid the valuation from 6 months ago
deal was not shopped
now have a cash bag
and turned two problems into one
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@asimplenoochie
Noochie coming out guns blazing.
And in whatever way we look at what happened today, it’s a move that in some way benefits everyone but the space.
Sad day.
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@asimplenoochie
Don’t need a tinfoil hat
This Yuga acquisition of Moonbirds reeks of investors trying to salvage their bags bs.
If
@dalegre
honestly looked at this deal and thought: yes it’s a good idea to (a) dilute my community further, and (b) buy the flaming bag that is Moonbirds, then the man is 🍌🍌
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@asimplenoochie
yes:
Let me breakdown why
@yugalabs
really acquired
@moonbirds
:
1) YL got MB’s balance sheet (likely between $20-40 million) without needing to raise a down round
2) a16z got to restructure / consolidate their equity (owner in both projects)
3) YL gets to tap into high-end art…
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@asimplenoochie
Didn’t they do this before with Earn dot com and Coinbase? So they could have Balaji as their CTO and then he left shortly after. I remember when it was 21 dot co mining machine.
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