There are a few different ways this can happen. It has to do with seniority of liquidation preferences -- basically, if you recap or you exit for less than your

There are a few different ways this can happen. It has to do with seniority of liquidation preferences -- basically, if you recap or you exit for less than your highest valuation, who gets paid first? This blog post is a pretty great summary of what can happen: https://heidiroizen.tumblr.com/post/118473647305/how-to-build-a-unicorn-from-scratch-and-walk https://heidiroizen.tumblr.com/post/118473647305/how-to-buil...