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Re:Boards are dangerous to founder/CEOs by jasode on Tuesday November 23, 2021 @03:42PM (#29323221)
>They don't have to value the company at $0 to fuck you over once you're gone. The current board can depreciate all of the shares by 50% and then issue themselves twice their original shares so they break even.

Mark Zuckerberg tried a variation of that game to cut out Eduardo Saverin's shares when they changed the company from a Florida LLC to a Delaware Inc. Well, Saverin sued and Facebook lost that lawsuit; they settled. Saverin got ~4% ownership worth $5+ billion at the time.

https://www.businessinsider.com/exclusive-heres-the-email-zu...

Re:Boards are dangerous to founder/CEOs by Kranar on Tuesday November 23, 2021 @05:49PM (#29324546)
Facebook did not lose any lawsuit. A settlement is a far cry from a loss and judging from the outcome, it looks like Saverin got screwed over.

So basically, the board will try to screw you over; if you're not in a strong enough position to do something about it then you're out of luck, if you are strong enough to do something about it, then you might be able to recoup some of what you're entitled to.

Re:Boards are dangerous to founder/CEOs by distribot on Tuesday November 23, 2021 @07:09PM (#29325339)
Anyone know how Zuckerberg avoided the same thing happening to him?

Bezos was a 30 year old with a decade of experience in finance, I assume he was quite savvy. But Zuckerberg was a teen.

Re:Boards are dangerous to founder/CEOs by tdfx on Tuesday November 23, 2021 @10:05PM (#29326538)
As far as I can tell, Zuckerberg's true talent is being thrown into situations he has no life experience to handle and appropriately picking the right people to surround himself with and listen to.
Re:Boards are dangerous to founder/CEOs by disgruntledphd2 on Wednesday November 24, 2021 @07:53AM (#29329499)
>Zuckerberg's true talent is being thrown into situations he has no life experience to handle and appropriately picking the right people to surround himself with and listen to.

This seems to be falling apart for him right now, as a bunch of those people have recently left FB. But yeah, I generally agree with your main point, he does seem to be very good at this.

Re:Boards are dangerous to founder/CEOs by jacquesm on Wednesday November 24, 2021 @12:01AM (#29327059)
To steal their ideas and screw them over.
Re:Boards are dangerous to founder/CEOs by jerrre on Wednesday November 24, 2021 @05:04AM (#29328492)
that part is normally just silently implied...
Re:Boards are dangerous to founder/CEOs by ngcazz on Wednesday November 24, 2021 @06:39AM (#29328989)
Situations like work.
Re:Boards are dangerous to founder/CEOs by asdfasgasdgasdg on Wednesday November 24, 2021 @12:38AM (#29327218)
He had more power, because Facebook was an obvious rocket ship. So he could make better deals for himself when it came time to finance, and retain a controlling share in the company. If the board tried to fire him, he could just fire the board.
Re:Boards are dangerous to founder/CEOs by LudwigNagasena on Wednesday November 24, 2021 @12:14AM (#29327118)
He has the controlling stake in the company.
Re:Boards are dangerous to founder/CEOs by dbuder on Tuesday November 23, 2021 @09:43PM (#29326434)
They did it to others? They knew ownership and control was paramount and acted accordingly.
Re:Boards are dangerous to founder/CEOs by djyaz1200 on Tuesday November 23, 2021 @08:17PM (#29325881)
Shawn Fanning
Re:Boards are dangerous to founder/CEOs by andrewseanryan on Tuesday November 23, 2021 @09:02PM (#29326193)
Pretty sure it was Sean Parker but I could be wrong
Re:Boards are dangerous to founder/CEOs by djyaz1200 on Tuesday November 23, 2021 @10:05PM (#29326541)
One of the Sean's :)
Re:Boards are dangerous to founder/CEOs by CRConrad on Friday November 26, 2021 @09:45AM (#29350628)
Or Shauns.

(Oh holy fucking mother of Baa[l], only now it struck me that the name of the animatronic series by the Wallace-and-Gromit guys is of course a play on Shorn the sheep!)