If a business has $10 in BVPS at Year 0, and $10 in BVPS in Year 10, and $10 in BVPS in Year 100… isn’t that share really worth $0 in Year 0?

If a company issues stock to investors (instead of to its employees), and pays its employees with the cash from that issuance (instead of with stock-based comp), isn’t there both an expense and dilution? Is that double-counting?