In this case, the later investors wanted to buy some early shares: http://techcrunch.com/2015/07/14/twilio-offers-early-shareholders-liquidity-in-repurchase-off

In this case, the later investors wanted to buy some early shares: http://techcrunch.com/2015/07/14/twilio-offers-early-shareholders-liquidity-in-repurchase-offer/ http://techcrunch.com/2015/07/14/twilio-offers-early-shareho... This is not always the case.