Investor liquidation preferences should not affect the value of employee shares if the valuation of the company has gone up steadily. I mean, if you have a "$1

Investor liquidation preferences should not affect the value of employee shares if the valuation of the company has gone up steadily. I mean, if you have a "$1B exit" from a company that raised money at a $10B valuation, then, well, yes. But that's not really a $1B exit.