[pragmacoders]

> Going from owning 1% of a 1M company to owning 0.5% of a 2M company isn't unfair. The extra value comes directly from the new shareholders investing their money.

If this we're true, investors wouldn't be adding things like dilution protection to their contracts and special stocks that have further liquidation protections (and potentially voting rights) wouldn't be the norm for non-employees.

Investments are not one-to-one exchanges and employees take up most of the personal risk in the exchange due to lack of any protections as well as lack of a (personal financial) safety net if things go wrong.

Though I agree with you in that whether this is fair or not has nothing to do with what modern companies will do.

The reason that employees do not get these protections and rights is because they lack the leverage to demand them from the people who make those decisions within the company.