YHK - yet another hacker news clone

Dupe: https://news.ycombinator.com/item?id=50394906

can someone explain to me the point of the 'initial valuation', considering ultimately the price will settle lated thorugh trading to perceived value anyway ?

literally what is the upside? They're supposedly worth as much as meta despite having nowhere near the customer base or years of work? How much more valuation do they have to trick people into giving them before investors get a return?