The math is a bit tricky, but it gets even murkier when you look at all the extra rights/ratchets/etc that series D gets over C over B over A over common. As s

The math is a bit tricky, but it gets even murkier when you look at all the extra rights/ratchets/etc that series D gets over C over B over A over common. As such if last private valuation is $1B, common shareholders (and probably series A and B) as well will be pushing for any IPO valuation well in excess of $1B so that C and D don't get all the money and A, B and common are not underwater. All that being said, C & D have powerful reps on on the board who often don't vote with the interests of the common holders despite their fiduciary duty to do so. The NY Times had and article on this conflict of interest problem a few weeks back. I will try to find link and repost. Edit: Link to article on board members and inherent conflicts between different share classes. http://www.nytimes.com/2015/12/27/technology/when-a-unicorn-start-up-stumbles-its-employees-get-hurt.html?_r=0 http://www.nytimes.com/2015/12/27/technology/when-a-unicorn-...