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This happens to startup employees who still work for their startup on a daily basis. Crazy to me that founders don't bat an eye at screwing employees, but every

This happens to startup employees who still work for their startup on a daily basis. Crazy to me that founders don't bat an eye at screwing employees, but everyone seems to be out for blood just because some FB founder who left the company only got a gazillion dollars instead of 3 gazillion.

TAForObvReasons 7y ago
This is a community of founders and soon-to-be founders, many members of whom have received money as a result of FB, so the reaction isn't totally surprising.
- throwaway2048 7y ago
  The club of temporarily embarrassed billionaires
krawokaliz 7y ago
Founders are bloodsuckers.
blihp 7y ago
I agree with your point that getting screwed happens all the time to people who put much more blood, sweat and tears into these companies. Doesn't make it right regardless of who it happens to. According to the popular retelling of the story, he didn't leave the company... he was pushed out. Then he had to sue to get his gazillion dollars. It's entirely possible that there could have been an argument made that Saverin wasn't living up to his end of things, his vision didn't align with where the company was going etc. and that he should accept a reduced interest in the company for those or any number of reasons... but that's not what happened: they tried to quietly and specifically dilute away his interest in the company. Worst case, if they made that argument and Saverin said no, Zuck could have said 'then screw it, let's let this thing die' and when it did swooped in with other partners/investors and picked up the assets for pennies and restarted under new ownership. Could that have risked everything? Possibly, but going the way they did did so as well... they're lucky they got out of it for only a few billion.
ponsin 7y ago
I work for a startup and I get paid a salary and options. I know that whenever the company raises money I get diluted. However, the founder had two successful exits and many of the current employees come from his previous companies. I trust him that I'm good times he will only raise money if the end result of the dilution is that my options are worth more. But even if not, if I notice that I am getting less value than expected, I am still getting a salary and I can easily quit and find a new job if needed. If you are not ready for such a risk, then don't join a startup

TAForObvReasons 7y ago

This is a community of founders and soon-to-be founders, many members of whom have received money as a result of FB, so the reaction isn't totally surprising.

throwaway2048 7y ago
The club of temporarily embarrassed billionaires

krawokaliz 7y ago

Founders are bloodsuckers.

blihp 7y ago

I agree with your point that getting screwed happens all the time to people who put much more blood, sweat and tears into these companies. Doesn't make it right regardless of who it happens to. According to the popular retelling of the story, he didn't leave the company... he was pushed out. Then he had to sue to get his gazillion dollars. It's entirely possible that there could have been an argument made that Saverin wasn't living up to his end of things, his vision didn't align with where the company was going etc. and that he should accept a reduced interest in the company for those or any number of reasons... but that's not what happened: they tried to quietly and specifically dilute away his interest in the company. Worst case, if they made that argument and Saverin said no, Zuck could have said 'then screw it, let's let this thing die' and when it did swooped in with other partners/investors and picked up the assets for pennies and restarted under new ownership. Could that have risked everything? Possibly, but going the way they did did so as well... they're lucky they got out of it for only a few billion.

ponsin 7y ago

I work for a startup and I get paid a salary and options. I know that whenever the company raises money I get diluted. However, the founder had two successful exits and many of the current employees come from his previous companies. I trust him that I'm good times he will only raise money if the end result of the dilution is that my options are worth more. But even if not, if I notice that I am getting less value than expected, I am still getting a salary and I can easily quit and find a new job if needed. If you are not ready for such a risk, then don't join a startup