We IPOd with a valuation of about 2B. By the time engineers could sell it had fallen to about 300M, and many early employees who were convinced to exercise pre-

We IPOd with a valuation of about 2B. By the time engineers could sell it had fallen to about 300M, and many early employees who were convinced to exercise pre-IPO ended up with nothing due to a very high pre-IPO value and AMT taxes.