Definition

EBITDA multiple

Acquisition price expressed as a ratio of earnings. Rahi sold at roughly 7.5x.

From the episode “Tokenomics Will Wreck Your Margins: The AI Model Routing Workflow That Cuts Spend”

Hear it on the podcast1 episode

Learn the language of AI-native founders

Every week: the new terms, tools, and workflows founders are using, straight from the podcast.

Related terms in Finance & Markets

Double pledgingFraudulently financing the same invoice with two different lenders.E-invoicing registryA government database where businesses must publish invoices, making them provably legitimate.Earnings beat or missWhether reported results came in above or below what analysts expected.EBITDAEarnings before interest, taxes, depreciation, and amortization. A common measure of operating profitability.Eligibility VerificationConfirming a patient's active insurance coverage before a visit.EO 14401The April 18, 2026 executive order directing FDA to prioritize psychedelic review, instructing DEA and other agencies to reduce research restrictions, and allocating $50 million.EPLEmployment practices liability. Covers discrimination and related employment claims. A live battleground for AI hiring and management tools.Exchange Fund (Private Market)A pooled investment fund into which shareholders contribute concentrated stock positions in exchange for LP (limited partner) interests representing a proportional share of the diversified pool - without triggering a taxable sale. Exchange funds have existed in public markets for decades (Eaton Vance manages over $500 billion in exchange fund assets), allowing public company executives to diversify concentrated positions tax-free. Collective Liquidity is the first exchange fund to accept private company shares, requiring significant legal and tax structuring to enable the mechanism in the illiquid private market. The key tax advantage: a contribution to an exchange fund is not a sale, so no capital gains tax is owed at the time of exchange. The tax is deferred until the LP interest itself is eventually sold, and the deferred tax compounds over the holding period - generating approximately 2x the after-tax wealth over seven years compared to selling shares immediately and reinvesting after taxes.