It is precisely the protections of preferred stock that led to the overvaluation in the first place. <a href="http:&#x2F;&#x2F;recode.net&#x2F;2015&#x2F;05&#x2F;10&#x2F;heres-one-thing-all-the-billion-dollar-unicorns-have-in-common&#x2F;" rel="nofollow">http:&#x2F;&#x2F;recode.net&#x2F;2015&#x2F;05&#x2F;10&#x2F;heres-one-thing-all-the-billion...</a><p>As a common stock holder, you should know that you&#x27;ll be the last one paid, if at all, because few companies can meet unicorn expectations.