[thebmax]

I believe that Peter Thiel, Accel Partners, and several other early investors sold a considerable part of their shares in the IPO.

That being said, I agree with your article and you make lots of good points!

[wkasel]

Yes, typically you have a negotiated rate, such as 5%, 10%, whatever. You're right I saw the s-1, but even then they still lost a lot, and the employees got screwed.