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The founders have control of the company and hold it for ransom. They can destroy the company if they aren't kept happy.
by lonelappde 7y ago
The founders have control of the company and hold it for ransom. They can destroy the company if they aren't kept happy.
- ddalex 7y agoif you owe somebody 500k, they own you. if you owe them 50B (val of wework), you own them
- paws 7y agoRight, that's the part I'm a bit confused by. If I'm understanding you right, it sounds like VCs choose to not require fiduciary-style obligations of the founders? e.g. whatever the contract looks like, I'm a bit surprised it wouldn't have a term along the lines of 'by taking this money you promise not to self deal'