Thomas Reiner · 22 September 2026 · Industry Analysis

Tech Dilution is Creeping Up Again + The Per-Employee Lens

Thomas Reiner, Partner @ Altimeter

Stock-based compensation dilution is rising again across tech, driven by AI competition and declining stock prices. A per-employee framework reveals which companies can afford their equity grants versus those borrowing from shareholders to pay employees.

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Topics: Enterprise Software · AI (Horizontal) · Venture Capital & Startups

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