No, he says explicitly it does not get near 4x.

> No, he says explicitly it does not get near 4x.

I chose a phrase as an example (hence the abbrev "eg"): You chose a different phrase.

If you want to instead parse the phrase you chose for half-truths, we can do that. It will not change the substance that there is all sorts of potential for half-truths.

"There is no "4x liquidation preference." (Once again, typical of almost all venture rounds, there is a liquidation preference, but it slides up or down based on a key metric and gets nowhere near 4x.)"

He says it slides but "gets nowhere near 4x". That's clear enough to preclude 5x.

Maybe it slides right from 3x to 5x ?-)

Or never gets lower than 6x, as another example.