What does "burned through 0 million mean"?
In the book "Antifragility of Islamic Finance: The Risk-Sharing Alternative" by Umar Rafi and Abbas Mirakhor, on page 101 I read the following line:
"Pets.com, the poster-child company of the dot com bubble, was founded in 1998. It burned through 0 million in two years, folded in 2000; going from IPO to liquidation in 268 days."
What does technically "burned through 0 million" mean? Is there any more scientific expression for it? Was it angel investors' money, and they spent it without any profit? Or was it the value of the company at the time of the dot com bubble, and its market value lost so much in value after the outbursts of the bubble?
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Burn rate describes the rate at which a new company spends its capital to finance overhead before generating positive cash flow (negative cash flow). So burned through means they accomplished it and ran out of money.
This answer is in response to OP's comment (now edited into the post):
was it angel investors' money, and they spent it without any profit? Or was it the value of the company at the time of the dot com bubble, and its market value lost so much in value after the outbursts of the bubble?
You can't (directly) spend the "value of your company" (the amount people are willing to pay for a share of stock times the number of outstanding shares).
You can only spend cash.
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