It’s important to separate speculation from facts, so let’s break this down with pretty basic terminology.
The founders didn’t sell, this is clearly documented in the filings and equates to what 65-70% of the Bs, maybe more? Any claim suggesting otherwise is simply false.
Angel investors vs. founders, angel investors taking early-stage risk on a company often receive highly favorable terms. That’s not unusual in startup financing. Conflating their investment terms with insider selling is misleading.
Conversion & cost basis, yes, the B shares were structured for conversion, but that doesn’t mean it was a guaranteed $50M payout. That number assumes liquidation at peak prices, which ignores market dynamics, lock-up periods, and real-world trading constraints.
The reality is angel investing take on significant risk when backing a company. Many of these investments fail outright. When one succeeds, the outsized return is the tradeoff for the risk they assumed. This is standard across the industry.
Throwing around large numbers without context might make for a dramatic argument, but it doesn’t change the fundamental structure of early-stage investing. The facts and the filings, speak for themselves.
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