Here are the details: Investors in the company’s Series C round, where it raised $500 million at a previous $4.5 billion valuation, will have their ownership stake upped from around 11 percent to 25 percent. A source tells us this amounts to a change in the share conversion rate upon a liquidation event. That change now effectively values the company at $2 billion in its Series C round, and earlier investors will receive small adjustments to offset the dilution. The company’s common stock will be diluted by around 20 percent. Non-executive employees will receive a special stock grant equal to 25 percent of their current number of shares, to offset the dilution, that will be vested in 12 months and consist of restricted stock units rather than options.

https://techcrunch.com/2016/06/30/zenefits-revalues-itself-at-2-billion-giving-later-shareholders-more-ownership/