I don't know that this sets a floor, really. There's already a valuation, set by its own preferred investors. I'd think $97b is almost definitely below that. And do the nonprofit board members have the same fiduciary as a typical for-profit board?
The point presumably is that the valuation in a round is paper money. Whereas Elon's group have just offered cash, so they've set the actual value. The law might only care that the non-profit gets a market cash value actually bid, not the speculative value that it could have based on multipling how much some shares were sold by the number of shares.
