An interesting angle I saw on this is that usually a $12b exit in a city mints a bunch of new multimillionaires, many of them decide to stay in the area and som

An interesting angle I saw on this is that usually a $12b exit in a city mints a bunch of new multimillionaires, many of them decide to stay in the area and some of them become angel investors in the area and boost the local startup environment. So it might suck for other entrepreneurs in the area that there aren’t a bunch of new angel investors now - just a few new billionaires. On this story though, as long as it’s clear to both parties what the deal is, I think it’s fine to either offer or not offer equity. And a promise not to sell is obviously meaningless unless the corporate structure somehow enforces it.