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Restructuring Announcement

(automattic.com)
261 points markx2 | 1 comments | 02 Apr 25 18:34 UTC | HN request time: 0.204s | source
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lenerdenator ◴[02 Apr 25 20:00 UTC] No.43560875[source]▶
Given what I know of the situation (which admittedly isn't much), wouldn't the best course of action be to shitcan the CEO?
replies(2): >>43561002 #>>43561023 #
dangrossman ◴[02 Apr 25 20:16 UTC] No.43561023[source]▶
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.
replies(3): >>43561058 #>>43562038 #>>43563398 #
mritchie712 ◴[02 Apr 25 20:20 UTC] No.43561058[source]▶
he'd already be out if it was simple to force him out
replies(1): >>43561103 #
lenerdenator ◴[02 Apr 25 20:25 UTC] No.43561103[source]▶
Let this be a lesson to anyone investing in a startup: don't give any cash unless there's real corporate governance.
replies(2): >>43561260 #>>43564888 #
toomuchtodo ◴[02 Apr 25 20:39 UTC] No.43561260[source]▶
Same with trading your time for stock options (that you hope are eventually negotiable shares); trust is earned in drops and lost in buckets.
replies(1): >>43562202 #
1. SJC_Hacker ◴[02 Apr 25 22:03 UTC] No.43562202[source]▶
Dilution is a real problem. If they want you to act like a Founder, you should have protected equity like one.