I once read a story about a company that used convertible notes to raise pre-seed, then literally never raised again so the VCs never got equity. The founder even screwed over employees on options with this.
Does anybody know the company I'm talking about? Can't find it.
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Toptal I think, or one of their competitors
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We donβt memoryhole defectors against the commons round here
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tfw everybody knows you violated the social contract but you have 100% of a multi billion dollar company as a consolation prize
