I also think this downplays the liquidation preferences that come with taking venture money that also brings dilution. A "billion dollar company" that raised $

I also think this downplays the liquidation preferences that come with taking venture money that also brings dilution. A "billion dollar company" that raised $500M with a 2x liquidation preference will put many fewer dollars into an individual employee's pocket than a $100 million company that only raised $10m.