Dilution: https://startupxplore.com/en/blog/dilution-shares/ https://startupxplore.com/en/blog/dilution-shares/ The fundamental mechanism is that new investme

Dilution: https://startupxplore.com/en/blog/dilution-shares/ https://startupxplore.com/en/blog/dilution-shares/ The fundamental mechanism is that new investment is met by issuing new shares. If you hold options on a constant number of shares, and the number of shares into which ownership is divided goes up, then your fractional share of ownership goes down.