This thread is filled with a so much insights, a backstory of Facebook’s down round.

We did a down round too in 2015. But I protected my existing investors from it, I personally took all of the dilution hit from it, even though I hadn’t provided any anitidilution clause. https://twitter.com/drose007/status/1265114361900589056

It was the right thing to do: the people I raised money from early were all stand-up guys that gave me money purely on trust+150% belief in me & what I was capable of. Not 1 single 1 of them had had any long valuation discussion w/ me. So, I distributed shares to them to make up.

Was painful eating humble pie but I didn’t dwell on it. I’ve no regrets. Not 1. It was a binary moment: it was that or death. Easy decision. Great thing: we got 2 bridging financings from that same investor that early investors joined too, to tide us over, when 2016/17 crisis hit

Another interesting thread here with same story template regarding Bytedance, same investor. Wild card investors at the right time can sometimes be the best of things that can happen to a founder dealing with recalcitrant VCs insisting on unfriendly terms. https://twitter.com/mbrennanchina/status/1265217383666348033