However, day-to-day dilution from routine equity-based employee compensation and other possible dilution, such as stock-based acquisitions, will likely undermine this dual-class structure and our aspirations for Google over the very long term.
Silver Lake Waterman will focus on the primary debt market, lending to well-established pre-IPO companies that want to raise additional capital without the dilution from additional equity rounds.
That being said, while a dilution of shareholder equity may seem less than ideal to current investors, it will ensure the survival of the company (at least for the time being).