I look at companies like Uber raising billions of dollars (with liquidation preference) and losing billions of dollars in net operating loss each year, and I can only hope for the employee's sake that they have a 409a valuation on the common stock of exactly $1.
In reality they are probably handing out options with a strike price valuating the common shares at billions of dollars and those options are likely worse than worthless.
In reality they are probably handing out options with a strike price valuating the common shares at billions of dollars and those options are likely worse than worthless.