VC Valuations are just numbers on paper

Further proof that VC valuations are just numbers on paper:

https://tech.eu/2022/12/09/getir-acquires-germany-competitor-gorillas-in-1-2-billion-deal/

In case of a strategic acquisition, it is also worth taking a look at the transaction structure:"The deal is reportedly mostly comprised of equity [*], with around $40 million in cash being paid out to investors."*Allegedly, the equity component is 12%.For Gorillas’ investors, this would mean they hardly receive any money from this deal (given the drop in valuation, some may even be left with nothing) and would convert most of their Gorillas shares into Getir ones — making any potential return on their investments contingent on the fate of Getir.Given the liquidation preferences, the founder is likely to get something at best if Getir / the investors are generous. And if so, I'm almost certain that some of it will be tied to an earn out.Conclusion: Sometimes you may get more out of building a small indie business - with a lot less stress and drama.🤓