You get a whole portfolio of unlisted assets 'for free' when you buy IAC shares. Why I'm optimistic that the stock market will discover and correct the mispricing in 2025.
The above numbers game only illustrated in general terms, on the basis of market capitalisation, that the value of the IAC shares would already be covered by a fictitious sale of their MGM and ANGI shares. All other investments come ‘on top’. Liabilities and cash at the subsidiary level are generally not taken into account here. See page 6 in the latest Shareholder letter https://ir.iac.com/static-files/541ebc78-95b0-4c06-9b7a-b81d86beba67
I think you forgot to subtract $1.5bn in DotDash debt.
The above numbers game only illustrated in general terms, on the basis of market capitalisation, that the value of the IAC shares would already be covered by a fictitious sale of their MGM and ANGI shares. All other investments come ‘on top’. Liabilities and cash at the subsidiary level are generally not taken into account here. See page 6 in the latest Shareholder letter https://ir.iac.com/static-files/541ebc78-95b0-4c06-9b7a-b81d86beba67