for starters, there's this for IPOs (or lack of IPOs) https://steveblank.com/2019/04/10/startup-stock-options-why-a-good-deal-has-gone-bad/ https://steveblank.

for starters, there's this for IPOs (or lack of IPOs) https://steveblank.com/2019/04/10/startup-stock-options-why-a-good-deal-has-gone-bad/ https://steveblank.com/2019/04/10/startup-stock-options-why-... also, anecdotal, I've seen it happen. I was at a recent startup that got bought. I was employee 15. Somehow, the ISOs got set to $0 worth but the founders made out like bandits with their preferred stock.