Driven mostly by "Change in fair value of convertible notes, derivative liabilities, and SAFEs".
If you're going to make a point, make your point - don't just throw numbers around without context.
According to "Generally Accepted Accounting Principle" my friend.
They are costs.
Derivative liabilities, SAFEs - those are basically taking cash from RETAIL shareholders and giving them to employees and early investors INSTEAD of using it to fund the business.
Let's have that discussion if you want, but don't act like a thing that is CLEARLY a COST to the business isn't a cost.
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Wait what does THAT mean? They got a huge inflow of money, and since they couldn't spend it all, they... bought bonds? And the value of those bonds dropped to nearly nothing?
Because that's worse than losing money, that's incompetently giving it away.
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They agreed to pay some employees in their own shares to be delivered some time later. They recorded that expense then as a liability. The value of the shares increased because the company became more valuable, and therefore that liability needs to be revalued by 72 billion.
It's a nice problem to have and is pretty much an accounting artifact coming from the fact that they are paying in different currencies (USD and shares)
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