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New funding round investors generally get seniority over old

But new money may allow buyouts of existing at that time so early team or investors can cash out a bit early

And common doesn't cash out till IPO or private market equivalent, or yes, gets screwed

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> About 200,000 people put money into the scheme, which offered a stake in the company, discounts and perks.

Hopefully they took advantage of the discounted beer.

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