Question: How does a company with effectively zero revenue get a valuation of $700M?

businessinsider.com/x-competit…

This is an astronomical sum, that can not possibly be validated on any kind of forward looking business rationale. The only answer is that Bluesky is selling it's position as the refuge for progressive social media. Herding progressive and resistance voices into a space that can be controlled, and even shut off at the next critical moment, like the next election, is priceless.

#Bluesky

X competitor Bluesky's valuation jumps to around $700 million

Bluesky is raising new funding led by Bain Capital Ventures that would value the social media company at around $700 million, according to sources.

^{Ben Bergman (Business Insider)}