[lasgsf]

Does this mean then all the common are wiped out due to the liq preference that existed before?

[qeternity]

Essentially yes. Not wiped out per se, but underwater. If they can grow the business beyond the high water mark, then there’s a shot at getting paid. But I’d say in a best case that’s unlikely.

[tempsy]

No it doesn’t. Read the deal. SoftBank will buy up to $3B in stock from existing shareholders, including employees.

They are bailing out employees and investors. People will at least get something.