Dot-Com Bubble Data Skewed Facebook's Value, Judge Told

By Bonnie Eslinger (May 13, 2022, 10:50 PM EDT) -- A Dartmouth economics professor hired by the IRS to offer trial testimony in the agency's multibillion-dollar tax dispute with Facebook challenged a pre-IPO valuation analysis offered by the social media company's expert, saying the financial risk assessment appeared to be skewed by data from the dot-com bubble years.

Morten Sorensen, a professor at Dartmouth University's Tuck School of Business who specializes in private equity, venture capital and entrepreneurial finance, was called to the witness stand to rebut testimony from March by Facebook's expert, Arthur Korteweg, a University of Southern California Marshall School of Business professor.

The two men have authored several...

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