Chapter 23 - Vale’s valuation falls anyway

Irony.
The sabotage became public.
Our valuation dropped.
Not because investors believed Ethan’s staged incidents proved our company worthless.
Because the investigation exposed:
Weaknesses.
Governance questions.
Reputational damage.
The secondary transaction was postponed.
Estimated paper-value decline:
Hundreds of millions.
I did not lose hundreds of millions in cash overnight.
Private-company valuation is not a checking account.
Still painful.
A year later, after:
Independent audits.
Product fixes.
Client retention.
Governance reforms.
Our valuation recovered substantially.
Not completely at first.
May you like
That was fine.
A company that claims to sell trust should not expect trust to rebound on command.