Can anyone provide any info on what actually happened here? The article says that the preferred was &quot;worth&quot; more, which is a pretty vague statement. I interpret this as meaning that they didn&#x27;t convert because their liquidation preferences guaranteed a higher payout. What seems relevant to me, and anyone else who works at a pre-IPO startup, is what were the things to look for ahead of time.<p>According to Crunchbase, Good raised $291M in 4 rounds. Assuming those investors owned 40% of the business, then at $1.1B, common was splitting $660M (preferred would convert). At $425M, assuming 1x liquidation preference, common is splitting $134M, an 80% decrease. I think you could get to the numbers in the article assuming 1x participating or something similar.<p>This should have been pretty predictable to employees. You will not get rich if your company sells for only 1.4x the total amount invested.