Suppose an investor pays $100M at a valuation of $1B with a 1x liquidation preference. Then the REAL valuation of the business is not $1B. It's whatever the i

Suppose an investor pays $100M at a valuation of $1B with a 1x liquidation preference. Then the REAL valuation of the business is not $1B. It's whatever the investor would have paid for COMMON shares.