I think the thing that is instructive here is to bring in the...

I think the thing that is instructive here is to bring in the other key metric into the discussion - valuation. ultimately alongside the less diluted shares on offer, was the valuation size. when more capital is required, in this case the company has been assessed at a much higher valuation to previous rounds. The original writer of this post is implying that because he bought in earlier, their capital is more valuable than other, later invested capital; that also a company needs to tap existing shareholders to gather more capital. both of these things are not true and valid in capital markets, capital raising is common, frequent and dilutive for early stage growth companies for many reasons, plus - a cap table illustrates where common equity holders sit...right at the bottom. this is because of economics, power laws and history too.
earlier capital is usually rewarded with greater SP appreciation, even with dilution factored in, plus other benefits like preferential access to allocations, options and so on. complaining about how the market is not rewarding you is not the best way to adjust to these economic realities.

"show me the incentives and I'll show you the behaviours"