E69: ByteDance nearing Meta revenue?!, Wegovy/Ozempic’s impact on society, FTX creditors made whole via Anthropic | Pre-IPO Stock Podcast – Oct 10, 2023 | Clint Sorenson, Nick Fusco, Aaron Dillon

Send us Fan Mail00:26 | ByteDance nearing Meta revenue?!- ByteDance nearly reaching Meta-level in quarterly revenue; Meta $28.6b vs ByteDance $24.5b- Cash flow +$6.8b in Q1, profit of $2.7b, cash reserves at $30.4b- ByteDance has current secondary market valuation of $211b, Meta has a $820b market cap- Mutual funds (e.g. Fidelity) are valuing ByteDance much higher vs other players in the private markets- ByteDance is undervalued due to US regulatory concerns?- Tiktok US is not a big part of ByteDance revenue but is a focus for future growth08:50 | Wegovy/Ozempic’s impact on society- Wegovy, Ozempic help people stop eating ... appears reduces desire for other impulses; smoking, alcohol, etc- Walmart earnings call highlighted people taking drugs bought less food- Highlight the impact emerging pharma and biotech companies can have on society, potential for major cultural shifts- CEOs are discussing weight loss drugs on earnings calls and their impact on financials- Early-stage life sciences companies get acquired by larger pharmaceutical companies due to regulatory overhang16:42 | FTX creditors made whole via Anthropic- $8.9b total missing in FTX bankruptcy owed to creditors, $7.3b recovered to date- FTX invested $500m into Anthropic at a $4.0b valuation, FTX led the Series B- FTX Anthropic stake worth $3.0b to $4.5b after Anthropic announces its recent round at a $20b to $30b valuation- FTX Anthropic investment/gain could make all FTX creditors whole- Several pre-IPO companies have corporate venture divisions their investments could mean a huge positive impact to corporate valuations … Naspers is a great example … 46% ownership of Tencent, up 9,200% in last 20 years with almost the entire net asset value of the company coming from its Tencent investment