Halving it for dilution is not actually enough. Remember that the valuation that an investor is paying is what the investment is worth _to them_. Any investment

Halving it for dilution is not actually enough. Remember that the valuation that an investor is paying is what the investment is worth _to them_. Any investment is worth more as part of a well diversified portfolio. As an employee, you lack that diversification. Even worse, the investors get significant protections built into their investment... preferred shares, board seats, dilution protections. I would be surprised if the true value (if that were possible to calculate) weren't closer to 1/10th the valuation that investors bought in at.