I’ve been on the acquirer side of $50M exits and from what I’ve seen almost no one makes any money in those situations. It is usually a deal done in desperation and everyone is diluted to the brim.
The relevant metric is not exit price, it's ratio of exit price to pref stack; i.e. raise $40M and sell for $50M, founder is worse than if they raised $2M and sold for $10M.