Comment by tyre

The way they get to $12.5bn is multiplying the preferred share price by the total outstanding shares. But the common shares, while still included in that calculation, are not worth the same amount of money.

They have a different strike price for options that is set via a 409a.

It’s possible that employees got, at the peak, grants with strike prices at a $2bn 409a valuation. We don’t know. What we do know is that no employee ever got grants with a strike price of a $12.5bn valuation. That’s just not how this works.