Ben Gilbert: belief

Transcript context

…As the user growth, especially domestically, was flatlining, on this past Wednesday, April 17th, the price, the IPO, $19 a share above the range, and that equates to a $12.6 billion market cap, very slightly above the last private valuation. Then on Thursday, they start trading and they popped up 28% close at $24.40 a share or $16 billion dollar market cap. So, nicely above the last private round but still not as 10X here. The share price is now above where every shareholder bought. We’ve only had one day of trading and I think we can discuss this but we saw what happened with Lyft and a couple of weeks after they started trading. But from what we know so far, it looks like the strategy of pricing modestly, being below the last round, and then letting the pop happen in the market has worked. Yeah, as opposed to Lyft, which we saw increased its range during the red show several times, then priced above the red show, then popped big time on the first day, and then of course has been down since then.…

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