By the time a unicorn startup's valuation starts cratering, the CEO/founders have already sold 10s or 100s of millions in secondary sales, and the VCs are likely still above water thanks to liquidation preferences. The people who get screwed are employees holding common stock.
So everyone cheering on the demise of WeWork or Uber or whatever, and the resulting CEO defenestration, thinking the founder bogeyman got screwed...actually, he just goes and cries into his money for a day, and then does it again.
The people *really* crying are the employees, many of whom stuck out grueling hours over years, getting paid in paper promises, who suddenly watch it all go to zero (often their money going up in flames too....they cashed out everything to buy their shares when they left).
You can follow @antoniogm.
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