![The Information's 411 show](https://d3dthqtvwic6y7.cloudfront.net/podcast-covers/000/068/768/small/the-information-s-411.jpg)
Summary: Jessica talks about down rounds and why even an "employee friendly" one is still bad news for employees with equity. Tom talks about Snapchat's app install ads, and Reed discusses the "ticking time bomb" of 409A valuations.
Summary: Jessica talks about down rounds and why even an "employee friendly" one is still bad news for employees with equity. Tom talks about Snapchat's app install ads, and Reed discusses the "ticking time bomb" of 409A valuations.