No, simply means a lot of investors are in the red

No, I mean in case of liquidation preference, won't all equities go back to VCs. And in that case, what incentive does founders have to continue working with same zeal?  
  
 https://twitter.com/Nithin0dha/status/1650783154763108352

Software Engineer

I’m sure they still hold a good percentage of the company 😅

Program Manager

Founders and top management have already cashed in tons of money :-)  
 Rest whatever is there could be split by order of preference in SHA.

Private Equity

Byju's has raised nearly 6 billion in total and is now valued at 6 billion $. How does this work? 

I mean won't this mean all equities of byju's will now be

Byju's has raised nearly 6 billion in total and is now valued at 6 billion $. How does this work? 

I mean won't this mean all equities of byju's will now be with VCs?