[wpietri]

And I would add that in situations like this, employees should be very careful assuming that they'll get a price anything like what the most recent investors are getting.

Check out Table 2 here, down on page 45:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2955455

It uses Square as an example. The headline valuation price from their E round suggests that a share of stock was worth $15.46. But later investors can have all sorts of preferences. Common stock, though, is valued at $5.62.

As people who were here for the last bubble know, this is exacerbated when valuations dip. I know a number of people who worked their asses off for companies that got sold for hundreds of millions of dollars. But the employees saw nothing, because investors get paid first.