I bet it's much less than 12.5% now (since 2016). Also, individual user revenue is revenue that public investors value less than revenue from businesses, because there is perceived to be a much bigger overall market (and therefore more future potential growth) in selling to businesses rather than individuals. And growth is what matters for the stock price.

Source: I am the CEO of Sourcegraph and consider similar things.

What I've always found funny about "B2B is more valuable than B2C" is how all economic value eventually comes from B2C eventually, and all the meta B2B tools in between don't really make value independently on their own.

Yes, but all consumers eventually get their money from companies. So....

But in reality, the source of your customers' income has little to do with value. B2B is favored because the margins are generally higher.

That might indeed be true. GitHub's value to Microsoft ain't the revenue; it's the users, the mindshare of whom Microsoft hopes to capture by luring them toward the Microsoft ecosystem (Windows, Office, Azure, SQL Server, etc.).

As a particular former Microsoft CEO put it: "[…] DEVELOPERS DEVELOPERS DEVELOPERS DEVELOPERS […]". That strategy/desire hasn't exactly stopped, though it's certainly transformed quite a bit over the last couple decades (and Microsoft is finally actually getting somewhat effective there).

>In what world is 12.5% of revenue "irrelevant"?

Meh, just fire 12.5% of the staff. /s