A 1x liquidity preference is standard, but it is common now to see larger multiples - especially in high-value later stage rounds, where the preference to those investors would also be stacked before earlier investors.<p>So, yes, I doubt common holders got much here, it is also possible that earlier investors didn&#x27;t get much either.<p>For founders and employees this is usually made up with a separate bonus or earn-out from the acquiring company - which has been the source of conflict of interest claims from investors in some of these deals (where the acquisition price is much less than the 1x preference but the founders get a separate payout&#x2F;earnout&#x2F;signing bonus).