Doesn't seem that simple. They raised a total of ~$250m and acquisition price was almost 10x that. The preference cliff means that employees get nothing before investors get an X% return on their investment (100%, 150%, maybe 200%). After that, the payout should be proportional to common stock ownership. Surely the preference guarantee was not 10x?

Would be curious to see the breakdown of the $2.4b:

1. How much to the founders in Google employment incentives

2. How much in licensing fee to the company itself

3. How of the licensing fee went to immediate payout to VC investors (+ employees)

4. How much got left on the balance sheet of the remaining company

I don't understand how #3 can be so large and common stock holders walk away with almost nothing without breaching fiduciary duty?