Andy Rubin's Essential Is Now Valued at Over a Billion Dollars Without Shipping a Single Phone (theverge.com)

Posted by msmash on Monday August 14, 2017 @05:20AM from the unicorn dept.

An anonymous reader shares a report: Essential, the new phone startup from Android founder Andy Rubin, is now a unicorn, according to reports from over the weekend. If you're not up to date on the parlance of Silicon Valley, a unicorn is a company that's valued at over $1 billion dollars, which is no small feat in today's market. This title is even more impressive, given that Essential has yet to ship a single device to consumers. According to a report, Foxconn's FIH Mobile filing for a $3 million investment in Essential for around 0.25 percent of the fledgling phone company revealed Essential's new unicorn status with a valuation of around $1.2 billion.

1 of 75 comments (clear)

Min score:

Reason:

Sort:

Fair market value by FeelGood314 · 2017-08-14 05:40 · Score: 3, Informative

Foxconn is not at arms length from Essential. They didn't only get 0.25% of the company. The 3 million dollars will go straight back to them for manufacturing parts of the phone. If someone completely unrelated to Essential paid 3 million and they didn't get anything else other than the stock then you could say the company was worth 1.2 billion.