Oh, and he didn't even touch on things like liquidation preference and participation. Basically says that even though they own X% of the company, they get paid

Oh, and he didn't even touch on things like liquidation preference and participation. Basically says that even though they own X% of the company, they get paid out like it was 4*X. Or maybe they get $YY out before anybody else gets paid. This means that the percentage of the company your shares equate to is only a small part of the picture. You also need to know what deals were cut with every investor now _or in the future_ to know what your shares will be worth.