[dunpeal]

> It's really interesting to see $100M+ exits that have resulted in trivial sums for founders and early employees after multiple rounds of dilution and/or VCs with preferred shares taking home the spoils.

My unscientific impression is that in 9 figure exits the founders typically do make money, because they typically retain enough equity even after significant dilution.

However, I have heard of high 9 figure exits in which nobody but the founders and VCs made any significant money.