“Given the IPO drought and the lesser need for dotcom capital, a majority of the deals with more than a $25M post-money give the founders liquidity options, over $50M add VPs, and over $100M add just about everyone. It’s not a rule of thumb yet, but it’s getting darn close. Not everyone takes the option, but it’s almost always on the table. You don’t think it available or acted on for the latest rounds at Twitter, WordPress, Yelp, …. ? It’s most often during the deal, but afterwards when there are enough sellers to make the mechanics of simultaneity difficult.
Rafer, on Facebook insiders selling stock. He’s right, generally, and it’s an added dimension to start-up land, interesting for a number of reasons, the main one maybe being that it smashes traditional orthodoxy which rejects founders liquidity until liquidty for all.
