My understanding is that one way of calculating "shareholder equity" is simply by subtracting total debt from total assets/value of the company. That is the shareholders' total equity in the company.
So, through his "debt reduction" measures, SG has reduced the total amount of SEEK's debt, and therefore "shareholder equity" has increased. Since the total (claimed) value of SEEK is higher than the total amount of debt, there is therefore "positive shareholder equity" according to SG.
The problem is that SG did not reduce SEEK's debt by paying it down from revenues, he did it by diluting the share structure and issuing 2 BILLION shares.
Hence, "shareholder equity" increased even while the PPS tanked due to the fact that SG was paying his debt off with shares, which were then immediately dumped into the market.
This is why SG's chosen metric is stupid, as it does not account for massive dilution. That's also precisely why he chose to use it, of course, as his preferred method of assessing SEEK's "progress" and "value" rather than the more appropriate measures of revenues and PPS.
Basically, SEEK's shareholders, altogether as a whole, have seen an increase in value (on paper), with declining revenues quarter-over-quarter SG has failed to grow the size of SEEK's "pie," and with all the dilution each individual investor's "slice" has grown smaller and smaller and ever-increasing rates. So even with an increase in shareholder equity for all shareholders, in total, as a single unit, any particular individual investor has seen the value of their investment decimated by SG's reckless plan.
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