Comment by dangrossman
Comment by dangrossman 2 days ago
From Reddit discussions, if they can be trusted, there is nobody who can remove Matt from any position. It's a private company and the investors were given non-voting shares.
Comment by dangrossman 2 days ago
From Reddit discussions, if they can be trusted, there is nobody who can remove Matt from any position. It's a private company and the investors were given non-voting shares.
Let this be a lesson to anyone investing in a startup: don't give any cash unless there's real corporate governance.
Same with trading your time for stock options (that you hope are eventually negotiable shares); trust is earned in drops and lost in buckets.
Dilution is a real problem. If they want you to act like a Founder, you should have protected equity like one.
> It's a private company and the investors were given non-voting shares.
My understanding is that the investors signed proxy voting rights over to Matt. They are mostly ordinary shares, and may be revocable. [1]
[1] https://ma.tt/2021/08/funding-buyback-hiring/