It’s fairly disingenuous to use the fundraising valuation. Investors have a ton of preferences that make their shares more valuable. Probably cut that by a th

It’s fairly disingenuous to use the fundraising valuation. Investors have a ton of preferences that make their shares more valuable. Probably cut that by a third or ask to see the most recent 409a valuation. Walk through possible exits with dilution, assess the likelihood of those exits, and try to make a calculated guess at the payoff. In all likelihood it is less then working for 4 years at a big company and founders saying it isn’t are selling their book. If they can’t make the follow on valuation gates and see an exit, you probably won’t make anything. Even if they exit at the valuation when you joined, your shares will likely be worthless as senior preference holders get their guaranteed returns.