Would it be too simple to just look at the price paid per user of Instagram to value Path? Instagram had 30 mil. users and got bought for $1 bil., which implies $33 per user. Adjust that number down for the fact that Path is not growing nearly as fast and only appeals (for now) to a niche, early adopter crowd versus the mainstream appeal of Instagram, and the number could be $20 (?) per user. They both have talented tech teams, so that is pretty much an offset. This would value Path (based on 3 mil. users) at $100 mil. at the high end and $60 mil. at the low end. Definitely not $250 mil. Thoughts?
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