Given the timing, network effects, potential, address book data and $0 CAC, they were stealings and I can’t believe Honey sold for $4B. Sounds off by x5+

You’re saying Honey is worth $20B?

Pretty sure parent means the other direction.

He is saying it is 5x too high. So the valuation should be 1/5th (20%).

So he is suggesting a valuation of $800,000,000 ($800M). Which in my opionion is about right.

That puts the value per user right at $47 per user. Again, which given PayPal's previous acquisitions, looks accurate.

Skype : $240/user

Broadcast.com: $10,000/user