Before the change in methodology used to determine fair value, the typical portfolio company valuation was equal to the value established by investors at the time of the most recent investment.

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Facebook defends itself saying that its Fair Market Valuation was based on the value of common stock and not the preferred stock it gave the Winklevosses and Narendra.

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To ensure a fair valuation, they appointed two sets of consultants to value each property and set deadlines for the process to be completed.

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