I would think that after so many rounds of funding liquidation preferences would make a massive difference. Guessing that the various VCs have made sure they ge

I would think that after so many rounds of funding liquidation preferences would make a massive difference. Guessing that the various VCs have made sure they get paid a nice big return on their investment first. Whatever is left is then eaten up as you move down the food chain of preferences paying people what they're owed. Eventually you reach the last in line, the rank and file employees. By that point there may well be little or no money left. It all depends on the terms of the funding and the theoretical sale price. In summary, I don't know.