Profile picture
Larry Cermak @lawmaster
, 6 tweets, 2 min read Read on Twitter
TenX has just published their financials. They have $70.5M in fiat and ~$34M in crypto. Their MONTHLY burn rate is $740k or $8.9M yearly. Keep in mind that they are burning that much without having any product for the past 8 months. They can still last for roughly 12 years...
The staff expenses by itself cost them ~$6.4M yearly. Would be interested to see what salary @julianhosp is pulling yearly. More than $500k? Who knows
To give them some credit, it's impressive that they raised $80M and now have more than $100M in treasury. That's good treasury management but also means they must have sold some at the top
Correction: TenX can't even do simple math because they fucked up the conversions. Their ETH in treasury is now worth ~$9.9M and their BTC in treasury is worth ~$19.5M so $29.4M combined
Fun fact of the day: TenX can buy back all their PAY tokens at market price for ~$69.2M and still have ~$30.7M left.
But of course they wouldn't because there is zero demand and they would just be stuck with a useless token.....
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Larry Cermak
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member and get exclusive features!

Premium member ($3.00/month or $30.00/year)

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!