Read the following article (abridged) from the Financial Times and estimate the valuation loss suffered by investors who participated in the funding round led by Softbank one year ago.

Klarna AB

Klarna's valuation crashes to under $7bn in tough funding round Sequoia's Michael Moritz says investors are in'their bunkers' and prices will recover

Klarna was once Europe's most valuable private fintech company @ Bloomberg

Siddharth Venkataramakrishnan in London JULY 11 2022

Klarna,once Europe's most valuable private tech company,has had its pricetag slashed from $46bn to $6.zbn at a difficult fundraising that highlights the crash in many tech valuations. Michael Moritz, chair of Klarna and a partner at investor Sequoia, blamed "investors suddenly voting in the opposite manner to the way they voted for the past few years”.He predicted that "after investors emerge from their bunkers, the stocks of Klarna and other first-rate companies will receive the attention they deserve”.

The s800mn fundraising round,announced on Monday,featured new investors including Mubadala, the sovereign wealth fund of the United Arab Emirates, and the Canada Pension Plan Investment Board in addition to existing investors such as Sequoia and Commonwealth Bank of Australia.

Just over a year ago, Klarna was valued at $46bn after a $639mn funding round led by Japan's SoftBank, the investment group behind a disastroous bet in office-sharing group WeWork. The new "pre-money"valuation, excluding the new cash, is only $5.9bn.