I see in the proxy that SKS has about 1.5m shares or so of interest,
most of which is in the form of options. That was the same thing a year ago, two years ago, 5 years ago ... somebody is not diluting. Awards are adjusted to reflect dilution. Shareholders, on the other hand, just dilute.
There is no question that the proxy is a vehicle to insure, less there having ever been any prior doubt, that this is a private company with shareholders as a charity service, kinda like a government development bank ... give, ask nothing in return ... cause it's good for the country, good for the company, and the givers do it for rewards other than financial, with no reasonable expectation of personal gain.
I want to thank Wave investors in advance, rather than serving in Afghansitan, or diving in front of a bullet to protect a head of state, they throw their money - no strings attached - to technology development for the sake of technology development. Like many charities, there are/will be those that get rich off the efforts, but it won't be the ones writing the checks.
SKS get's 1.5+% of whatever happens with no skin in the game (as with all of the others 'at the top'), splits, money wasting, bad financial decisions mean nothing ... they simply adjust their reward and keep themselves in the same ownership percentage that they were at prior to dumb decisions.
The above content is my opinion.
