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"I think you are confusing daily active users with total active users in arriving at your $33 number. If there are 600 people a day using the app and each day it’s a different 600, then there could be 18,000 active users a month. The real total will obviously be lower, but it’s not unreasonable to assume around 10,000 people using the app at least once a month, so the valuation would be closer to $2/active user."