Comment by tlogan
18 hours ago
I’m honestly just surprised that the CEO and co-founder decided to walk away from the company and leave behind all these employees he was leading. Especially considering many of them probably joined for lower pay, hoping for a big upside.
Maybe there’s more to the story.
When you want to make a big impact for a big payday, why would this surprise you?
Gentle reminder that more startups die by suicide than homicide, and that an early-stage startup is a total crapshoot.
Yes, startups are always a bit of a gamble, but this feels like a captain abandoning ship while it’s still full of sailors (many of whom have families depending on them).
This really is a whole new level of getting screwed.
This is why advice is always to treat options for a non-public company as if they're near zero in value.
Because for most people, they will end up being worth exactly zero in value. Less if they went and exercised those options prior to a liquidity event that may never happen.
Isn't this the case for pretty much every startup that gets sold?
Founders get a big pay day and leave within a couple years while 100 employees share a 1% of the company between themselves.
rule 1: never believe a word a founder says
You're surprised that a CEO did something that massively financially benefitted them personally at the expense of rank and file employees?
You sweet summer child.