Dilution and liquidation preference. Dilution is sort of a necessary evil that comes with raising new rounds of capital. I understand how >1x liquidation prefe

Dilution and liquidation preference. Dilution is sort of a necessary evil that comes with raising new rounds of capital. I understand how >1x liquidation preference is legal, but it seems incredibly unethical, especially since it's never communicated to common stockholders. IMO, if you feel the need to hide your cap table from your employees, it's probably unethical. Yes, indeed, most cap tables are unethical.