Liabilities in stocks are still liabilities. It's money they will not get if they go public. You can't just ignore these.

GAAP rules exist for a reason. One of the main reasons being the investors should have a clear and consistent view of the business before they decide to invest. The "non-GAAP adjusted" might as well read "But if we exclude the numbers we don't like our future looks so much brighter".

Big money (Wall Street) will be looking at GAAP equivalent accounts for their real valuations. They'll happily go along with public figures looking healthier than reality, providing they can exit investments or lock themselves in to be paid back first, when offloading to the public or in the case of bankruptcy.