How much money do we think Substack lost last year?

Substack under the best case scenario shouldn't be worth more than double digit millions. Anything over that is the dirty VC money which is a curse on American society having funded pointless products and bad economies.

This funding campaign is questionable. Investors should have some access to profit and loss information before investing. I don't have a major problem with unaccredited investors jumping in and losing money, but I do think that they deserve at least minimal transparency.

I'm not far above the accredited investor line and have a few AngelList investments. They've always provided cash flow, burn rate, projected revenue goals, and how they plan to hit them. I know I can't perform due diligence and know I'll probably lose the 1-2% of my portfolio in angel investments, but I would run from any company that doesn't offer real information.

I'm a big fan of Substack and hope that I'm wrong. I just hope that trying to reach venture expectations doesn't tank what could be a fantastically lucrative SMB.

A desperate startup trying to trick retail investors into holding the bag at an offensive valuation should come with immediate criminal charges. Their board and executive team should've been arrested for financial fraud by the end of the day that email was sent. Every single person in a leadership role at Substack knows they are not worth $585 million.

I am only half serious in saying it. But it does make me angry seeing accredited investors dumping their trash onto naive retail investors. a16z knows a lot about this, like the article mentioned.

This is literally a hitpiece on the newcomer by an encumbent competitor.

Whatever. It's a private company and they can value it as they see fit. A fool and their money will always be parted.