[williamscales]

Why would you assume that? Typically the company would just issue a new series of preferred stock.

[mikeryan]

I'm not sure thats entirely true typically a late round of funding will be some combination of folks taking money off the table and new stock.

There's nothing very "typical" about a 850M raise at 30B. But Groupon infamously raised "Like, A Billion Dollars" of which only about 15% went into the company.