Liquidation preferences and ratchets

…was Which is that he had a very large exit in his first company That he started in his teens That then I think he exited around age 25 It was many tens of millions of dollars But because there were liquidation preferences And ratchets on those liquidation preferences The investors got paid out first and With some excess And so when he saw this very big number The amount that he and the other founders were left with Was left now to be fair he did fine…