Namely, because of the heavy discount it's offering to the PIPE buyers. Worse yet, such a large infusion of capital may not be enough to turn it into a formidable competitor to Twitter (NASDAQ: TWTR ). Even if it raises billions more, again on dilutive terms, the end result could be worth far less than investors bullish on the stock currently believe. On top of the existing issues with this blank-check company, sitting out is still the best move.