[connoredel]

I wonder if there was any secondary equity sold. Spiegel famously took out $10M back in 2013 and bought a Ferrari. As an investor/BOD member, I think you need to balance between giving founders a taste of something so they don't sell at the first offer or push to IPO too early and potentially giving someone generational wealth when there is still so much work to do.

Remember Secret? Founders got $3M while investors with preferred stock even couldn't recoup their loss.

I can't help but think employees with common stock are always the losers here. Founders' "common stock" is really given preferential treatment -- it's obviously more liquid. Your average employee didn't get to sell his shares directly to some poor VC before the company went under.