FanDuel raised $416M at a $1.3B valuation & got acquired for $465M. The founders will get nothing after nearly 10 years--can't really beat pref stack. Maybe they took something off the table but still a farcry from the goal. Let this be a reminder: raise what your company needs.
Fwiw, I can't imagine how the founders & team are feeling right now. It's unbelievable that a new CEO comes in after 6 mo & nets $11m. I am angry for them. 😡
“We never envisaged it would be used to screw everyone who wasn’t an institutional shareholder,” said one early FanDuel investor, who did not wish to be identified. More:
More info about FanDuel founders/employees getting screwed: Sounds like the the new investor shadily executed a nuclear option rarely deployed if investors see the business not succeeding (in their opinion) & want to return as much capital as they can for LPs. Founder nightmare!
"Drag-along rights are not uncommon and are used to allow majority shareholders to sell a company when a minority objects. However, they are rarely invoked in deals that result in early-stage investors being totally excluded from the spoils."
“Investors who participated in a $275m fundraising led by private equity giant Kohlberg Kravis Roberts (KKR) in 2015, meanwhile, have been awarded 2.35 new shares for every existing share.” Read:
According to @govtrack, the House of Representatives has 53 members from California I just looked through the Twitter feeds of all 53 to see if they had tweeted about the murder of Newman, California Corporal Ronil Singh The results are depressing to say the least...
Adakah Malaysia negara Islam? Kalau Malaysia negara sekular kenapa tidak sepatah pun perkataan sekular di sebut di dalam Perlembagaan? Sekular yg di sebut TAR tidak pernah ditakrifkan? Che Omar Che Soh? Ini adalah pandangan saya... https://t.co/VzxjNO0wLT
1/ The backlash to Twitch's Ninja NYE ads channels the scrutiny around Twitch's inconsistent handling of large vs small streamers and inadvertently exposes another tier: the companies that buy ad campaigns from Twitch. They are functionally immune to even those standards.
@SaRaAshcraft @4Freedom4ever Sarah, check this out. Alexander Downer, the Australian Diplomat involved in the Spy Gate scandal and Uranium One scandal is on the board of Huawei. He has donated millions of Aussie taxpayer $$ to Clinton Foundation. His family has ties to the Royals https://t.co/jy2AIVUTBi
We don't like dealing with death. And it's easier for us to push it aside when we can say of the one who's died "she lived a full life." But you can't say that about my friend @Bre_payton. She was 26. She had so much more to do, so many good works to give God and her neighbor.
Keeping Latin fresh &current at the high school takes up most of my week, but I managed to write pieces on topics ranging from abuse in sports to Ovid at @TheWeek @HuffPost @mcsweeneys @NBCNewsTHINK @swimswamnews @sentantiq @The_Belladonnas @scsclassics & @Paideiainstitut THREAD
So, a shipment of crickets for the lizard arrived via FedEx today. It was my first time ordering bulk crickets off the internet, and I naively assumed that they would be in like, a bag or some other contraption to facilitate easy transfer to another container. They were not.