Tweets From John-Daniel Trask  ## Metadata - Author: [[@traskjd on Twitter]] - Full Title: Tweets From John-Daniel Trask - Category: #tweets - URL: https://twitter.com/traskjd ## Document Notes ## Highlights - Let’s look at what’s really going on. Here’s the data: - raised at 3b valuation in 2019 - raised at 7.5b valuation in 2021 In the last couple of days, Matt has acknowledged: - Automattics revenue is about 500m ARR (the DHH response) - There are liquidation preferences (the stock offer to try and retain staff from leaving). Here’s the thing: we have to assume Wordpress has grown revenue from their 2021 round (though maybe have not). That’s a 15x multiple on TODAYS revenue, not what it was when they raised in 2021. Matt notes that [wpengine](https://twitter.com/wpengine) does about $450m in revenue. I still maintain this all stacks up to: Matt is likely needing to raise money, but can’t at a valuation that doesn’t materially weaken his ownership and/or control. He’s fighting to try and get revenue from anywhere to avoid this. Even manufacturing BS to attack WPEngine. He may be under pressure from his investors to find revenue. I don’t know the specifics of ownership and control of Automattic, but he wouldn’t be the first founder to be fired from their own company. Even a successful company. I suspect there’s some ego here too, as it sounds like WPEngine may make more from Wordpress than Automattic. Keep in mind Automattic owns other assets like tumblr, not just Wordpress hosting revenue. We’re going to continue to see founders appearing to be batshit crazy, when the original sin was likely raising at an absurd multiple, and not seeing how that can really screw a business down the track. ([View Tweet](https://twitter.com/traskjd/status/1845978971760152583))