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I think people don't like counting it because of the way it was achieved. IIRC they only floated a super tiny percentage of their stock and so the overall valuation was inflated. It felt then a little the way cryptocurrency market capitalizations feel now.

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That makes sense. It's like when 37Signals said they were worth a few trillion because they sold a fraction of a share for $1.

Exactly.

There's also some weirdness with including quasi-state owned entities.

Especially when Dutch East India and South Seas were actual states in almost every way except name. Once you have an army, provide services and collect taxes you are a state.

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