December 3, 2023

happy two. it’s a Independence Day is here in the US, which means that a lot of TechCrunch is on holiday. But as last week draws to a close, many important data worth considering have been dropped. Let’s not let this opportunity miss, day off or not. (Also, this is the last day of the 4th of July sale, so, you know, feel free to contribute to, ahem, TechCrunch’s financial independence too!)

Portions of data released Friday included Klarna’s likely new assessment, which is settling lower than we expected, and the conclusion to the FTX-BlockFi drama, which we need to unpack because the numbers are a bit harder to analyze than the headline numbers you may have seen over the weekend.

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Let’s compare the numbers to 2021 prices, discuss the discrepancies between them, and then talk about other companies that might be in trouble based on the somewhat shocking math that lies ahead. How far did some startups last year go off the mark? this is far:

Klarna and BlockFi as warning shots

As always when discussing negative news, we’re not here to hang out. Instead, we want to analyze the new data so that we can better understand the state of the market. Covering layoffs, bottom rounds and the like isn’t as fun as covering IPOs. So here’s back to that when possible.

Regardless, the bad news boils down to the following:

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