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by steve8918 5369 days ago
This is my understanding as well. Chamath says that it's fine if all employees have access to this ability to cash out shares, but it sounds like AirBnB is essentially withdrawing money directly from the company, with no opportunity from employees to participate. He says it's basically a cash-grab that only the founders are participating in. I have a hard time disagreeing with him.

Did any founders of great companies ever do something like this? From my recollection, I don't believe Bezos, Jobs, Gates, etc ever did anything like this.
2 comments
tptacek 5369 days ago
So, I assume you'd agree also that the VCs shouldn't be able to take a dollar out of a deal until employee common stock is liquid? And that they shouldn't be able to take a dollar in management fees until their capital has created a pro-rata amount of liquidity for the employee common stock of one of their investments?

No? That's ridiculous? I agree.

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abalone 5369 days ago
But there is a $9.6M secondary component to the deal as well. Employees can participate in that, no?
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