- ByteDance $140b - Stripe $95b - SpaceX $74b - Didi $62b - Instacart $39b - Klarna $31b - Epic Games $28.7b - Databricks $28b - Rivian $27.6b - Nubank $25b
Times change...
Figma got acquired by an enterprise superpower, simultaneously creating a Kraken of a competitor and closing a path to exit. Canva are also one of the worse companies with shareholder liquidity, which I know in at least a few cases lead to fire-sale dispositions.
The previous valuation was just PE froth. Canva just raised money at the top of the market at an absurd valuation, but it's the cash flow that matters.
> Canva are also one of the worse companies with shareholder liquidity, which I know in at least a few cases lead to fire-sale dispositions.
"dispositions"? Makes no sense in the context. I worked at Canva and got to sell 20% in 2020 and 2021, the latter at the $40B valuation. So as a shareholder I'm relatively happy with the amount of liquidity in the stock.
You’re describing tenders. They’re fine for small-scale planned liquidity.
If a fund hits a risk limit, on the other hand, and must sell before the end of the year for compliance reasons, and the company is known to block transfers, the solution is a financially-engineered mechanism that throws off buyers and reduces the price. This liquidity discount gives management more control at the expense of shareholders. It’s also commonly priced into valuation expectations, at least by investors who aren’t all froth.
While that can definitely occur, I strongly doubt that's what has happened to Canva.
Nope.