Just looking for a straight answer from anyone that knows for sure. I had always thought that YC purchased straight Common Stock for their 7% equity.
This page [http://www.ycombinator.com/documents/] implies that it's Preferred Stock, whereas this old link [http://old.ycombinator.com/documents/YC_CSPA.docx] downloads a Common Stock agreement.
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Ask HN: Does YC Invest “Common Stock” or “Preferred Stock”? | Heykuki News