Not really. $14M vs $100M is an order of magnitude difference. By the time you hit $100M, there's a lot more than just dilution. There's early employees, an opt

Not really. $14M vs $100M is an order of magnitude difference. By the time you hit $100M, there's a lot more than just dilution. There's early employees, an option pool (~30%), down rounds, advisors, etc. And, there's liquidation preferences – someone with only 10% could have a 2x liquidation preference. I'm not saying it's likely, but it's also not insane to think they'd only end up with $10M out of $100M.