It is precisely the protections of preferred stock that led to the overvaluation in the first place. http://recode.net/2015/05/10/heres-one-thing-all-the-billio

It is precisely the protections of preferred stock that led to the overvaluation in the first place. http://recode.net/2015/05/10/heres-one-thing-all-the-billion-dollar-unicorns-have-in-common/ http://recode.net/2015/05/10/heres-one-thing-all-the-billion... As a common stock holder, you should know that you'll be the last one paid, if at all, because few companies can meet unicorn expectations.