I'm not saying anyone got screwed, I'm saying that common stock probably is worth $0 (for similar reasons: quick exit, not much time to really build value, etc)

I'm not saying anyone got screwed, I'm saying that common stock probably is worth $0 (for similar reasons: quick exit, not much time to really build value, etc). "Generous retention" can vary drastically. The reason I mention it is because it's easy to get sucked into the trap of "hey they exited for $30m, and the person who gave up $40k/year salary for 2% ownership just got a check for $600k!" when that simply isn't realistic. Unless everything goes exactly right, common stock isn't really worth the risk. I think it's an important distinction to make. Again, not saying anyone got "screwed", just that even in this case, an 8-figure exit could very well mean no common stock holders got a dime. I'm very curious about the terms of the Cruise deal as well -- a 10 figure exit (!), but I'm interested to find out how much the common stock there was actually worth.