and Volvo may be a leg up commercially. LinkedIn founder Reid Hoffman and Zynga founder Mark Pincus are in on the deal too.
A thought experiment illustrates the problem. If all goes to schedule, say Aurora’s future cash flows really are worth its post-deal enterprise value of $11 billion. And now imagine things take longer. With a three year delay, and a 15% discount rate, that $11 billion opportunity would only be worth about $7 billion today – a roughly one-third mark-down. Distance matters as much as destination.
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