[filoleg]

> Are you claiming that if a company experiences a 10x (!) increase in valuation, that the dilution fully destroys that upside and the average developer experiences no increase in their comp?

Not the person you are replying to, but it depends on how diluted it gets. If they print 9x of currently outstanding shares as the value goes 10x, it would result in those original shares being worth exactly the same as before the 10x jump.

But I agree with you overall, in terms of the actual reality. I don’t think any company with half a brain would do that.