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> After having gained around $4 billion in a round of funding

Uh?

Dropbox is said to be receiving a $4 billion valuation in its latest round of funding--not a $4 billion investment.

Even so, at a $4B valuation, Apple was only offering 20%. Try getting your new investors to swallow that pill.

I believe this is referring to their valuation during the most recent round of funding.