I still don’t quite understand how a company in a market (it, admittedly, created) with very low entry costs, large marketing costs, huge amount of debt (and revenue), which never made any profit, can be valued at $12bn. If the revenue stream can be kept up with vastly reduced marketing costs and if barriers to entry (e.g. Groupon Goods) are created, then this is one of the most brilliant internet projects of all time. Otherwise, Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi, who also traded postal reply coupons, would be proud.