I doubt this will be much of a surprise to anyone
They've been sinking investors money into this company for years with nothing to show for it. I fail to see how they can value a company a company at $10 billion which consistently loses money year after year and only has earnings of $316 million which would be fine if they didn't spend $418 million making it. I know they have a lot of users, but user value is not worth $10 billion unless they are actually creating value and profit, which in this case they aren't. I get the feeling the IPO is more of an escape route for the current investors.