Doma, that is largely what I said although I converted the presplit shares into the shares they are today. Dilution is new shares. They bear a price when minted. Interpretation of those shares valuation performance in terms of other shares printed in a different century is foolish. Why not compare them to soybeans, rice or the neighbor's house. When one speaks of the bath current shares of WAVX have taken through a 20th century lens, they can only be speaking about <15% of the shares. The others simply did not exist. I could speak towards how hard WWI was to me, except for the whole part of me not existing then. We could look at WWII amputees and conclude that all humans are amputees, it ignores things like birth, death, reverse splits, and dilution.
You are correct, for shareholders who holdings are represented by shares bought at a split adjusted $90, they have taken a bath. Few of such shares exist. They are very expensive shares that have taken a bath, and there are comparatively few of them.
Those e.g. who purchased the silver-spoon-nepotism shares (Series H, I, J e.g.) have done splendidly.
While all Class A shares are equal today, they were not created equal. Pretending to interpret their performance uniformly through a lens that represents a significant minority is foolish.
Obviously if shares I hold go down in value, for any reason, then they go down in value. whether or not they go through a reverse split is immaterial, unless of course, they return to their pre-split market valuation which is what shares tend to do in splits of either direction.
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