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Come on man seriously. I KNOW you know what "loss" means in this context. Please stop

Loss for some is gain for others. SBV could be a charity disguised as a predatory trust fund.

That’s what “loss” means. They gave it away and didn’t get it back.

What else would it mean in this context?

That's not a loss, that's an investment in an asset. It's a loss because the assets have devalued.

A lot of startup employees got paid...a lot of customers got to enjoy below market prices in the quest for growth for a few years...

And from there a lot of it presumably has flowed into cloud and advertising spend.

Which basically means most of it went into rents paid to SV land holders.