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First was its valuation: only about 13 cents on the dollar.
Goldman Sachs, for example, led a private investment round at a $50 billion valuation only a year ago, selling a third of the stock in the offering at about double the price.
Plus, from the venture firm's perspective, a heady valuation only matters so much.
In reality, valuation only works competitively (i.e. when there's a non-collusive market, even two will do), while UK startups are lucky if they get even a single offer – which by definition implies an uncompetitive valuation.
After seeing huge growth on the back of Facebook Open Graph, it raised a ton of money at a huge valuation — only to reverse course over the following months when the social traffic it was receiving started to sputter out.
But as today's news demonstrates, valuation only gets you so far.
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Taxpayers in Amagansett — which in 1998 had almost 16percentt of the assessed valuation but only 7percentt of the students — would have seen taxes go up 50percentt.
The stock was worth $45 million, based on the Microsoft valuation, but only $11 million under Facebook's own appraisal.
As Ben Inker of GMO, a fund-management group, puts it: "Today's valuations only make sense in light of low expected [short-term] rates.
In a post on TechCrunch, Aileen Lee, of the venture firm Cowboy Ventures, analyzed thirty-nine companies founded between 2003 and 2013 with billion-dollar valuations; only two of the companies' founders lacked prior experience in tech.
VocalTec and Logal put on great road shows and had high valuations only to see their stock value dive shortly after their IPOs.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com