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A comment on FanDuel founders to receive no cash from sale to Paddy Power Betfair. Parent comment

Re:FanDuel founders to receive no cash from sale to Paddy Po... by olliej on Sunday July 08, 2018 @05:26PM (#17486288)
I made a comment along those lines on HN a few years ago, and was told in no uncertain terms that I was unrealistic in expecting to be paid my worth unless I accepted payment in lottery tickets/stock-with-no-guaranteed-conversion-clause.

This article further affirms my position: it’s not just founders that got no payout, the employees didn’t either. Cool beans, you work your ass off for a company at below market rates with the promise that you’ll get a big payout when it sells, and then it turns out even when it sells for half a billion your stock is worth nothing. This isn’t the lottery of “the company may fail” this is the lottery of “I hope VC doesn’t rewrite the charter to ensure that we don’t get paid”. Oh, and the CEO alone got 11million. That sounds like there was plenty of money available

[ Parent | on HN ]
Re:FanDuel founders to receive no cash from sale to Paddy Po... by oh_sigh on Sunday July 08, 2018 @05:35PM (#17486340)
Selling for half a billion means nothing if you've taken hundreds of millions in outside funding
[ Parent | on HN ]
Re:FanDuel founders to receive no cash from sale to Paddy Po... by olliej on Sunday July 08, 2018 @06:05PM (#17486504)
Well apparently there was enough cash to pay the current CEO 11 million. It seems that they could easily have afforded a few hundred thousand per employee, and still given an order of magnitude more money to the ceo than any of the employees.

This is theft in all but name.

[ Parent | on HN ]
Re:FanDuel founders to receive no cash from sale to Paddy Po... by icedchai on Sunday July 08, 2018 @05:50PM (#17486410)
It’s charter, by the way... not charta.
[ Parent | on HN ]
Re:FanDuel founders to receive no cash from sale to Paddy Po... by olliej on Sunday July 08, 2018 @06:01PM (#17486470)
Goddammit, I was going “that doesn’t look even remotely right”, but my brain was fighting me the entire way. One sec while I edit the dumbass spelling away and pretended it never happened

:D

[ Parent | on HN ]